MIRA INFORM REPORT

Report No. :	353141
Report Date :	21.12.2015

IDENTIFICATION DETAILS

Name :	KRISHIDHAN SEEDS PRIVATE LIMITED (w.e.f. 01.12.2010)
Formerly Known As :	KRISHIDHAN SEEDS LIMITED
Registered Office :	302, Royal House, 11/3, Ushaganj, Indore – 452001, Madhya Pradesh
Tel. No.:	91-731-2703212
Country :	India
Financials (as on) :	30.09.2012
Date of Incorporation :	05.02.1996
Com. Reg. No.:	10-017386
Capital Investment / Paid-up Capital :	Rs.146.212 Million
CIN No.: [Company Identification No.]	U01111MP1996PTC017386
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCK1652N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is actively involved in research including plant breeding and biotechnology, production, processing, packing and marketing of high quality seeds of Cotton, Cereals, Pulses and Oil Seeds. (Registered Activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (37)

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

Maximum Credit Limit :	USD 5800000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1996. It has moderate track. Management has failed to file the financial documents for the year ended 2013 and 2014. In the view of financial year 2012, the company has decent revenue along with good profit earnings. Further, it has strong financial base marked by efficient networth position. Business is active. Payments are slow. In absence of requisite information, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION DENIED BY

Name :	Ms. Reshma Achrekar
Designation :	Accountant
Contact No.:	91-731-2352093
Date :	07.12.2015

LOCATIONS

Registered Office :	302, Royal House, 11/3, Ushaganj, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2703212
Fax No.:	91-731-2703212
E-Mail :	sushilkarwa@krishidhanseeds.com amitabhghosh@krishidhanseeds.com
Website :	www.krishidhanseeds.com
Head Office :	Krishidhan Bhawan, D3-D6, Addl. MIDC, Area, Aurangabad – 431213, Maharashtra, India
Tel. No.:	91-2482-222600
Fax No.:	91-2482-222611
Corporate Office :	7^th, Floor, Tower-15, Cybercity, Magarpatta City, Hadapsar, Pune – 411013, Maharashtra, India
Tel. No.:	91-20-26742600/01
Fax No.:	91-20-26742800

DIRECTORS

As on 31.03.2015

Name :	Mr. Sushil Jainarayan Karwa
Designation :	Managing director
Address :	B-7,Kapil Malhar Bungalows, Baner Road, Baner, Pune - 411045, Maharashtra, India
Date of Birth/Age :	12.07.1967
Date of Appointment :	05.02.1996
PAN No.:	ABCPK8869N
DIN No.:	00070556
Name :	Mr. Mukund Karwa
Designation :	Whole-Time Director
Address :	Plot No. 170/P and 171,CTS No. 11494/B, AT Shri Krishna Rukumani Nagar, New Mondha Road, Jalna - 431203, Maharashtra, India
Date of Birth/Age :	16.09.1980
Qualification :	ALGPK4632H
Date of Appointment :	05.02.1996
DIN No.:	00070394
Name :	Mr. Jainarayan Pusaram Karwa
Designation :	Whole-Time Director
Address :	Jai Building, Karwa Nagar, Civil Club Road, Jalna - 431203, Maharashtra, India
Date of Birth/Age :	27.10.1947
Date of Appointment :	05.02.1996
PAN No.:	ABCPK8871C
DIN No.:	00499235

KEY EXECUTIVES

Name :	Ms. Reshma Achrekar
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.11.2012

Names of Shareholders	No. of Shares
Jainarayan ap. Karwa	765778
Mathuradevi Karwa	246236
Jyoti N. Biyani	71581
Sharda S. Toshniwal	12460
Sushil J. Karwa	1035225
Sudha S. Karwa	861617
Gokul S. Karwa	843300
Vishnu J. Karwa	770622
Vishnu J. Karwa (HUF)	78728
Suvarna V. Karwa	246705
Manish J. Karwa	1034143
Archana M. Karwa	609940
Subash P. Karwa (HUF)	882328
Kausalyadevi S. Karwa	213727
Ashish S. Karwa	67510
Ashish S. Karwa (HUF)	633728
Arti A. Karwa	394817
Mukund S. Karwa	907246
Shweta M. Karwa	188809
Anup S. Karwa	1086745
Sridevi A Karwa	9310
Chitra M. Dhande	5714
Madhav A. Dhande	5714
Radhika M. Dhande	2857
Sarang M. Dhande	5714
Summit Partners India Private Investment, Mauritius	1803273
Mariegold Infratech Private Limited	661945
Total Equity	13445772
Summit Partners India Private Investment, Mauritius
0.01% Compulsorily convertible Non-Cumulative Preference Shares	1175472
Total	14621244

As on 23.11.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	20.37
Bodies corporate	4.53
Directors or relatives of Directors	75.10
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is actively involved in research including plant breeding and biotechnology, production, processing, packing and marketing of high quality seeds of Cotton, Cereals, Pulses and Oil Seeds. (Registered Activity)
Products/ Services :	Plant Breeding Biotechnology Production Processing Packing Marketing
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

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 :

Information declined by the management

Bankers :

Bank Name	Bank of Maharashtra
Branch	Yashomangal, 1183/A, F.C. Road, Pune- 411005, Maharashtra , India
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Axis Bank Limited, Branch Office at 214-215, City Mall, 2^nd Floor, Plot No.1, S.No.132, Ganesh Khind Road (University Road), Pune – 411007, Maharashtra, India

Facilities :

Secured Loan	30.09.2012 (Rs. in Million)	30.09.2011 (Rs. in Million)
Long-term Borrowings
Term loan from banks	38.757	274.769
Term loan from others	31.535	14.081
Short-term borrowings
Working Capital loans from banks	1474.876	1275.954
Other loans and Advances	20.526	0.000
Total	1565.694	1564.804

Auditors :
Name :	Tarun Khandelwal and Associates Chartered Accountants
Address :	15,Daulat Ganj,Ghee Mandi, Ujjan
PAN N Income-tax PAN of auditor or auditor's firm :	AARFM1336L
Memberships :	--
Collaborators :	--
Subsidiary company: (As on 30.09.2012)	SFPL Crop Life Science Private Limited, India (U24121MP1999PTC017388) Rajendra Agri Products Private Limited, India (U01112MP1996PTC017387) Krishidhan Vegetable Seeds India Private Limited, India (U01403MP2006PTC019048) Krishidhan Research Foundation Private Limited, India U01403MP2006PTC019048
Wholly owned subsidiaries as follows: (As on 30.09.2012)	Subhash Fertilizers Private Limited Rajendra Seeds Company Private Limited Krishidhan Seeds Europe BV

CAPITAL STRUCTURE

As on 23.11.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
18500000	Equity Shares	Rs.10/- each	Rs.185.000 Million
1500000	Preference Shares	Rs.10/- each	Rs.15.000 Million
	Total		Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13445772	Equity Shares	Rs.10/- each	Rs.134.458 Million
1175472	Preference Shares	Rs.10/- each	Rs.11.754 Million
	Total		Rs.146.212 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.09.2012	30.09.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	146.212	146.212
(b) Reserves & Surplus	1875.079	1728.324
(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)	2021.291	1874.536
(3) Non-Current Liabilities
(a) long-term borrowings	70.292	288.850
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	10.704	21.422
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	80.996	310.272
(4) Current Liabilities
(a) Short term borrowings	1495.402	1275.954
(b) Trade payables	1170.107	531.355
(c) Other current liabilities	361.491	293.274
(d) Short-term provisions	400.134	0.000
Total Current Liabilities (4)	3427.134	2100.583
TOTAL	5529.421	4285.391
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	434.615	339.172
(ii) Intangible Assets	5.956	0.000
(iii) Capital work-in-progress	22.227	114.157
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	89.557	89.557
(c) Deferred tax assets (net)	5.144	0.000
(d) Long-term Loan and Advances	303.199	274.592
(e) Other Non-current assets	137.931	138.168
Total Non-Current Assets	998.629	955.646
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1960.832	1773.551
(c) Trade receivables	1528.131	785.409
(d) Cash and cash equivalents	9.463	11.628
(e) Short-term loans and advances	996.627	720.954
(f) Other current assets	35.739	38.203
Total Current Assets	4530.792	3329.745
TOTAL	5529.421	4285.391

SOURCES OF FUNDS		30.09.2010
SHAREHOLDERS FUNDS
1] Share Capital		146.212
2] Share Application Money		0.000
3] Reserves & Surplus		1769.834
4] (Accumulated Losses)		0.000
NETWORTH		1916.046
LOAN FUNDS
1] Secured Loans		1040.405
2] Unsecured Loans		0.000
TOTAL BORROWING		1040.405
DEFERRED TAX LIABILITIES		20.945
TOTAL		2977.396
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		332.626
Capital work-in-progress		19.508
INVESTMENT		89.563
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1766.271
	Sundry Debtors	756.296
	Cash & Bank Balances	38.643
	Other Current Assets	132.566
	Loans & Advances	498.480
Total Current Assets		3192.256
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	650.408
	Provisions	6.149
Total Current Liabilities		656.557
Net Current Assets		2535.699
MISCELLANEOUS EXPENSES		0.000
TOTAL		2977.396

PROFIT & LOSS ACCOUNT

	PARTICULARS	30.09.2012	30.09.2011	30.09.2010
	SALES
	Income
	Other Income
	TOTAL INCOME	3513.081	2808.987	2843.400
Less	EXPENSES
	Direct, Selling and Administration Expenses	3088.451	2659.165	2586.100
	TOTAL	3088.451	2659.165	2586.100
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	424.630	149.822	257.300
Less	FINANCIAL EXPENSES	219.183	157.090	164.500
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	205.447	(7.268)	92.800
Less/ Add	DEPRECIATION/ AMORTISATION	63.629	53.205	51.300
	PROFIT/ (LOSS) BEFORE TAX AND PRIOR ITEMS	141.818	(60.473)	41.500
Less:	PRIOR PREIOD ITEMS	0.207	2.332	164.700
	PROFIT/ (LOSS) BEFORE TAX AFTER PRIOR ITEMS	141.611	(62.805)	(123.200)
Less	TAX (H)	(5.144)	(25.159)	(19.200)
	PROFIT/ (LOSS) AFTER TAX	146.755	(37.646)	(104.000)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(29.066)	8.580	NA
	Balance Carried to the B/S	117.689	(29.066)	NA
	Earnings / (Loss) Per Share (Rs.)	10.04	(2.58)	(7.11)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	30.09.2012	30.09.2011	30.09.2010
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
	236.423	(227.791)	NA
Net cash flow from operating activity	236.423	(227.791)	NA

KEY RATIOS

PARTICULARS		30.09.2012	30.09.2011	30.09.2010
Net Profit Margin (PAT /Gross Income)	(%)	4.18	(1.34)	(3.66)
Operating Profit Margin (PBIDT/ Gross Income)	(%)	12.08	5.25	3.26
Return on Total Assets (PBT/Total Assets}	(%)	2.62	(1.54)	(3.86)
Return on Investment (ROI) (PBT/Networth)		0.07	(0.03)	(0.06)
Debt Equity Ratio (Total Debt /Networth)		0.77	0.83	0.54
Current Ratio (Current Asset/Current Liability)		1.32	1.59	4.86

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	30.09.2010	30.09.2011	30.09.2012
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	146.212	146.212	146.212
Reserves & Surplus	1769.834	1728.324	1875.079
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1916.046	1874.536	2021.291
long-term borrowings	1040.405	288.850	70.292
Short term borrowings	0.000	1275.954	1495.402
Total borrowings	1040.405	1564.804	1565.694
Debt/Equity ratio	0.543	0.835	0.775

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2010	30.09.2011	30.09.2012
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Gross Income	2843.400	2808.987	3513.081
		(1.210)	25.066

NET PROFIT MARGIN

Net Profit Margin	30.09.2010	30.09.2011	30.09.2012
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2843.400	2808.987	3513.081
Profit/ (Loss)	(104.000)	(37.646)	146.755
	(3.66%)	(1.34%)	4.18%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

COMPANY OVERVIEW (As on 30.09.2012)

The Company is among the top five commercial seed companies with Pan India presence. KSPL is a research-based organisation. Its R and D activities and research stations are recognised by the Department of Scientific and Industrial Research (DSIR), Govt. of India. The Company is actively involved in research including plant breeding and biotechnology, production, processing, packing and marketing of high quality seeds of Cotton, Cereals, Pulses and Oil Seeds. In addition, it has Crop Nutrition and Vegetable Seeds Business through its independent subsidiaries.

Operations (As on 30.09.2012)

The Indian seed industry is the fifth largest in the world and it is expected to reach 50% to $3 billion over the next few years, as subsidies and renewed government thrust on the use of high-yielding varieties to increase productivity are driving demand to unprecedented levels. The company is 5 th largest commercial seed company in India. Hence, the growth opportunity for commercial seeds is substantially increasing.

This year was a fortune turner for the company, as we have crossed the benchmark sale of Rs. 3500.000 crores and achieved a profit after Tax of Rs. 146.800 Million after ending the drought of last two years even though last crop season was not favourable for the seed industry as it has tasted de-growth of 15 to 20%. I feel very gratified to declare that despite the adverse conditions we have we have achieved growth of more than 25%.

Unorganised players have the significant presence in the industry. But the farmers have now started preferring only the branded seeds. It is a matter of great pride for the company that after a marathon advertisement campaign during the current year and last year we were successful in making Krishidhan a house-hold name amongst farmers. There product technology through modified cotton seeds and other high performing Hybrids large product pipeline, strong brand debag market penetration with a strong distribution network has helped your company to establish leadership position in the market.

This year the company has increased it’s focus on institutional business segment by helping companies which has little presence in seed market by co-marketing arrangements to achieve better penetration in the market. The company has made tie-up with several renowned companies in Agri sector like Coromandal Agrico Private Limited, Agro life science, Nagarjuna Fertilizers, Neo Seeds, Trimurthy Seeds, Dev-gen to name a few. The company has tapped reputed public sector undertaking dealing in agricultural inputs such as Maharashtra State Co-operative marketing federation, Maharashtra state seed corporation, Gujarat State Seed Corporation etc. Most of these companies successfully entered Bt-Cotton business for the first time and we were successful in bringing these companies in to our fold by offering amicable credit terms.

The company has taken the far reaching step to bring economy in the scale of operations by consolidating different divisions like Field Crop Division (FCD) and Cotton Crop Division (CCD), thereby bringing greater efficiency in operations through better utilisation of assets and resources. Similar initiatives have been taken up in supply chain department. Bio-tech and Research and Development department have been merged in to a single division.

MANAGEMENT DISCUSSION AND ANALYSIS

Industry Outlook and Structure: Better Times Ahead

Global Scenario

The present global seed market is of US $ 45 billion and the same expected to reach nearlyUS$50 billion in 2015. A growing population, improving farming activities and increased use of biotechnology in seed research and development is driving the demand in the seed industry. Within the growing market like India where seed industry is growing since 2006 with CAGR of 10%, there is an increasing demand for pest resistant seeds and hybrid seeds. The world seed industry has grown rapidly in the last few years with the introduction of biotechnology. Genetically modified seeds provide benefits and, compared to conventional seeds, are sold at a much higher price. Farmers prefer the use of certified seeds and varieties that produce high yields. The total acreage that uses biotech crops has risen to approximately 330 million, with over 15 million farmers adopting genetically modified crops.

Indian Scenario

Seed, being the basic and most critical input, occupies a prime position in case of agricultural production. Indian seed industry is at the 5th joint position with Japan and Germany in the world with revenue of US $2 billion and is growing at the rate of 12-13% over the past few years. With lower seed replacement rate in most of the crops, cotton and some vegetables being exception, the potential for market expansion is high. Hybrids are being used in case of cotton and to some extent in corn, millet, sunflower and few vegetables. Based on estimation, the contribution of quality seed alone to the total production is about 15 20% depending upon the crop and it can be further raised up to 45% with efficient management of other inputs. Nevertheless, the awareness and attraction towards switching to high yielding hybrids is increasing at a fast rate. Private sector seed companies play a major role in seed development, marketing and distribution. The government’s decision to utilize biotechnology as a means for achieving food security, has made several leading biotechnology focused multinational seed companies enter the Indian market. The private sector accounts for 70% of the market in terms of market turnover whereas the public sector has the greater share in terms of volume sales. Unlike global trend, MNCs hold less than 20 % market share of the Indian Seed Industry.

With over 500 companies, the Indian Seed market is highly fragmented where the top 5 companies only commands 30% of the market share of commercial seeds. Various Multinational companies are also scattered their footholds in India mainly in crops like Maize, Paddy and Vegetables and enjoying 15 % of market shares in the Field Crop. India is a 2 nd largest Cotton Producer and it is a Key driver of the India Growth Story with CAGR above 10%.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10480044	30/12/2013	310,000,000.00	BANK OF MAHARASHTRA	1183/A, YASHOMANGAL, F C ROAD, PUNE,, PUNE, Maharashtra - 411005, INDIA	B97383285
2	10433593	24/06/2013	230,000,000.00	RELIANCE CAPITAL LIMITED	F-1, FIRST FLOOR, THE METROPOLE, BUND GARDEN ROAD, PUNE, Maharashtra - 411001, INDIA	B78188083
3	10436152	03/06/2013	50,000,000.00	BANK OF MAHARASHTRA	1183/A, YASHOMANGAL, F C ROAD, PUNE, Maharashtra  - 411005, INDIA	B79321303
4	10429627	16/04/2013	150,000,000.00	BANK OF MAHARASHTRA	YASHOMANGAL, 1183/A, F C ROAD, PUNE, Maharashtra  - 411005, INDIA	B76536721
5	10426274	31/12/2013 *	46,950,915.71	Axis Bank Limited	Branch office at 214-215,City Mall,2nd Floor,Plot,  No.1,S.No.132,Ganesh Khind Road(University Road), Pune, Maharashtra - 411007, INDIA	B95726246
6	10417414	28/02/2013	150,000,000.00	BANK OF MAHARASHTRA	YASHOMANGAL, 1183/A, F.C.ROAD, PUNE, Maharashtra  - 411005, INDIA	B72422579
7	10406696	07/02/2015 *	300,000,000.00	TJSB SAHAKARI BANK LTD	Gala no.34-B, New Mondha, Bus stand Road, Jalna,  Maharashtra - 431203, INDIA	C45011525
8	10396641	21/12/2012	540,000,000.00	BANK OF MAHARASHTRA	YASHOMANGAL, 1183/A, F.C.ROAD, PUNE, Maharashtra  - 411005, INDIA	B65774796
9	10396610	30/11/2012	250,000,000.00	UNITED BANK OF INDIA	MARKET YARD BRANCH, 445/446,Shivneri,Gultekdi, PUNE, Maharashtra - 411037, INDIA	B65765430
10	10579665	23/11/2012	25,500,000.00	NISHANT MULTI STATE CO-OP CREDIT SOCIETY LTD	REGD NO. M.S.C.S./ CR/433 BRANCH, GORAKSHAN ROAD,  AKOLA, Maharashtra - 444001, INDIA	C43575331

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

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 records 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.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.13

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	TRI
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		37

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.