MIRA INFORM REPORT

Report No. :	319949
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	MAHAFEED SPECIALITY FERTILIZERS (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. 6-A, Kohinoor Planet, Near Spicer College, Aundh, Pune – 411007, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.04.1994
Com. Reg. No.:	11-077630
Capital Investment / Paid-up Capital :	Rs. 5.042 Million
CIN No.: [Company Identification No.]	U70200MH1994PTC077630
TAN No.: [Tax Deduction & Collection Account No.]	PNEP02054D
PAN No.: [Permanent Account No.]	AABCP0342G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Specialty Agri Advanced Products and also trader of Water Soluble Fertilizers.
No. of Employees :	90 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 560000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an ISO 9001:2008 certified company engaged in exclusive import, marketing and distribution of specialty advanced agri inputs. It is a well-established company having fine track record. The rating takes into consideration company’s established track record of business operations in agri inputs industry backed by its decent financial base and adequate liquidity profile of the company. Further company has reported healthy topline growth which led to maintain company decent profitability margins. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings 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

NOT AVAILABLE

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 :	Ms. Palvi Bahram
Designation :	Accounts Executive
Contact No.:	91-20-66405736
Date :	02.04.2015

LOCATIONS

Registered Office :	Plot No. 6-A, Kohinoor Planet, Near Spicer College, Aundh, Pune – 411007, Maharashtra, India
Tel. No.:	91-20-66405736
Mobile No.:	91-9422331906 (Mr. Gomohade)
Fax No.:	91-20-66405738
E-Mail :	finance-imp@mahafeedwsf.net business@mahafeedwsf.net info@mahafeedwsf.net mahafeed@airtelmail.in
Website :	http://www.mahafeedwsf.net
Location :	Owned
Corporate Office :	'City Mall', Office No.114, 1st Floor, Ganesh khind Road, Near Pune University, Pune - 411007, Maharashtra, India
Tel. No.:	91-20-66405736/ 37
Fax No.:	91-20-66405738
Factory 1 :	Gat No.281/1, Plot No. 21, At. Kasar Amboli, Tal. Mulshi, District Pune - 412108 Maharashtra, India
Factory 2 :	Gat No. 383, At Post Urawade, Tal. Mulshi, District Pune - 412111, Maharashtra, India
Branch Offices :	Located at: · Nashik · Sangli · Satara · Solapur · Amravati · Jalgaon · Dhule · Aurangabad · Indore · Vadodara · Bangalore

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Trimbakrao Tulshiram Patil

Designation :

Managing director

Address :

Plot No. 6A, Kohinoor Planet, Near Spicer College, Anudh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

16.02.1948

Qualification :

M.Sc. (Agri) Ph.D.

Experience :

34 Years

Date of Appointment :

08.04.1994

DIN No.:

00615579

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	U70200MH1994PTC077630	MAHAFEED SPECIALITY FERTILIZERS (INDIA) PRIVATE LIMITED	Managing director	08-04-1994	08-04-1994	-	Active	NO
2	U24129PN1998PTC012997	NUTRI AHAR SPECIALITY PRODUCTS ( INDIA ) PRIVATE LIMITED	Director	14-12-1998	14-12-1998	25-10-2007	Active	NO
3	AAB-0571	PERCEPT AGRI-TECH SOLUTIONS LLP	Designated Partner	08-08-2012	08-08-2012	-	Active	NO

Name :

Mr. Praveen Trimbakrao Patil

Designation :

Whole-time director

Address :

Plot No. 6A, Kohinoor Planet, Near Spicer College, Anudh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

25.04.1975

Qualification :

B.E (Chem) M.B.A. (Marketing)

Experience :

19 Years

Date of Appointment :

08.04.1994

DIN No.:

00615511

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	U70200MH1994PTC077630	MAHAFEED SPECIALITY FERTILIZERS (INDIA) PRIVATE LIMITED	Whole-time director	08-04-1994	08-04-1994	-	Active	NO
2	U24129PN1998PTC012997	NUTRI AHAR SPECIALITY PRODUCTS ( INDIA ) PRIVATE LIMITED	Director	14-12-1998	14-12-1998	02-10-2007	Active	NO

KEY EXECUTIVES

Name :	Ms. Palvi Bahram
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Praveen Trimbakrao Patil	10
Trimbakrao Tulshiram Patil	10
Trimbakrao Tulshiram Patil jointly with Sindhubai Trimbakrao Patil	252110
Sindhubai Trimbakrao Patil jointly with Trimbakrao Tulshiram Patil	252110
Total	504240

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Specialty Agri Advanced Products and also trader of Water Soluble Fertilizers.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Specialty Agri Advanced Products
Countries :	· China · Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers and Retailers

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

90 (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Dena Bank

Kothrud Paud Phata Branch, Paud Phata Kothrud, Pune - 411038, Maharashtra, India

· Axis Bank Limited

214-215, 2nd Floor, City Mall, Ganeshkhind, Pune University Road, Pune - 411007, Maharashtra, India

· Citibank N.A.

First International Financial Centre, 9th Floor, Plot No.C-54, C-55, G-Block, BKC, Bandra (East), Mumbai - 400051, Maharashtra, India

· ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Citibank Loan Secured by charge on Corporate Office, Pune	0.000	4.934
ICICI Bank Car Loan [Secured by Cars]	5.947	0.000
SHORT TERM BORROWINGS
Axis Bank [Secured by Warehouse at Urwade]	1.428	2.556
Total	7.375	7.490

Banking Relations :	--
Auditors :
Name :	RMR Shah and Company Chartered Accountants
Address :	208, 209, Nav Maharashtra House, 43, Shaniwar Peth, Pune – 411030, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAJFR0709G
Enterprises in which key management personnel exercises significant influence :	· Nutriahar Speciality Fertilizers Private Limited · Richfield Fertilizers Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
750,000	Equity Shares	Rs. 10/- each	Rs. 7.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
504,240	Equity Shares	Rs. 10/- each	Rs. 5.042 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	5.042	5.042	5.042
(b) Reserves & Surplus	191.433	145.695	108.693
(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)	196.475	150.737	113.735
(3) Non-Current Liabilities
(a) Long-term borrowings	5.947	4.934	13.613
(b) Deferred tax liabilities (Net)	6.550	5.119	4.273
(c) Other long term liabilities	6.622	4.747	0.700
(d) long-term provisions	1.965	1.688	1.394
Total Non-current Liabilities (3)	21.084	16.488	19.980
(4) Current Liabilities
(a) Short term borrowings	1.428	2.556	2.624
(b) Trade payables	118.319	65.407	107.108
(c) Other current liabilities	28.879	19.370	13.888
(d) Short-term provisions	1.859	4.018	0.298
Total Current Liabilities (4)	150.485	91.351	123.918
TOTAL	368.044	258.576	257.633
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	97.080	83.354	54.464
(ii) Intangible Assets	0.472	0.483	0.290
(iii) Capital work-in-progress	0.000	0.200	3.431
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.733	5.035	5.239
Total Non-Current Assets	98.285	89.072	63.424
(2) Current assets
(a) Current investments	0.005	43.935	59.558
(b) Inventories	130.921	53.409	70.271
(c) Trade receivables	89.222	51.971	31.557
(d) Cash and cash equivalents	21.732	16.399	27.977
(e) Short-term loans and advances	27.512	3.617	4.696
(f) Other current assets	0.367	0.173	0.150
Total Current Assets	269.759	169.504	194.209
TOTAL	368.044	258.576	257.633

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	783.821	616.210	449.425
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		68.185	54.041	37.684
Less	TAX		22.496	17.039	11.887
	PROFIT AFTER TAX		45.689	37.002	25.797
	Earnings Per Share (Rs.)		90.71	73.38	51.16

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.83	6.00	5.74
Return on Total Assets (PBT/Total Assets}	(%)	18.53	20.92	14.82
Return on Investment (ROI) (PBT/Networth)		0.35	0.36	0.33
Debt Equity Ratio (Total Debt/Networth)		0.04	0.05	0.14
Current Ratio (Current Asset/Current Liability)		1.79	1.86	1.57

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	5.042	5.042	5.042
Reserves & Surplus	108.693	145.695	191.433
Net worth	113.735	150.737	196.475
Long-term borrowings	13.613	4.934	5.947
Short term borrowings	2.624	2.556	1.428
Total borrowings	16.237	7.490	7.375
Debt/Equity ratio	0.143	0.050	0.038

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)
Sales	449.425	616.210	783.821
		37.111	27.200

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	449.425	616.210	783.821
Profit	25.797	37.002	45.689
	5.74%	6.00%	5.83%

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	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10493725	30/04/2014	75,000,000.00	AXIS BANK LIMITED	214-215, 2ND FLOOR, CITY MALL, GANESHKHIND, PUNE  UNIVERSITY ROAD, PUNE, MAHARASHTRA - 411007, INDIA	C04363990
2	10125956	21/01/2014 *	105,000,000.00	THE AXIS BANK LIMITED	214-215, 2ND FLOOR, CITY MALL, GANESHKHIND, PUNE  UNIVERSITY ROAD, PUNE, MAHARASHTRA - 411007, INDIA	B96227368
3	10072434	22/01/2015 *	145,000,000.00	CITI BANK N.A.	FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR, PLOT NO.C-54, C-55, G-BLOCK, BKC, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA	C46640579

* Date of charge modification

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from 9, Chandrama Prabhat Raod, Lane No 8, Erandwane, Pune - 411004, Maharashtra, India to the present address w.e.f.10.08.2007.

CORPORATE INFORMATION

Subject is a private limited company incorporated in the year 1994. The company is engaged in trading of water soluble fertilizers. The company caters only to the domestic markets.

OPERATIONS

During the financial year 2013-2014, the gross turnover of the company has been increased from Rs. 616.200 Million to Rs. 783.800 Million. During the year company has introduced improved Organic and Inorganic imported products and they have shown positive results. The International prices of most of the products were stable and reasonable compared to previous year which also helped to increase sales.

The company has been experiencing increase in the sales volumes during the first half of 2014-2015 as compared to the same period in the previous year. There has been indeed a positive trend in the market which is encouraging. However, the sharp depreciation of Indian Rupees against US Dollar from second quarter onward will affect overall profitability in the current financial year compared to last year due to increase in import purchase prices and other costs of all products. The Directors expect better performance in the current year considering signs of overall encouraging trend in the market.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Office Equipment

· Trade Mark

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. 63.33
UK Pound	1	Rs. 96.51
Euro	1	Rs. 68.93

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		62

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.