MIRA INFORM REPORT

Report No. :	305364
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	RACHANA SEEDS INDUSTRIES PRIVATE LIMITED
Registered Office :	Survey No.9, Rajkot Road, Dolatpara, Junagadh – 362 003, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.10.2011
Com. Reg. No.:	04-067539
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U15142GJ2011PTC067539
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	RKTR03258D
PAN No.: [Permanent Account No.]	AAFCR5215G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of HPS Ground Nut, Kernels Shell Peanuts, Roasted Seeds
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established as a partnership concern during 1985 and it got converted into a Private Limited company in October 2011. It has moderate track. External borrowing appears to be huge which may act as a threat to company’s liquidity position. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal 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	CARE
Rating	Long Term Bank Facilities: B+
Rating Explanation	Risk are one credit quality and carries very high credit risk.
Date	January 27, 2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	January 27, 2015

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

Name :	Mr. Vikram Prabhudas Duvani
Designation :	Director
Contact No.:	91-9825222781
Date :	31.01.2015

LOCATIONS

Registered Office/ Factory 1 :	Survey No.9, Rajkot Road, Dolatpara, Junagadh – 362 003, Gujarat, India
Tel. No.:	91-285-2661727/ 2660484
Mobile No.:	91-9825222781 (Mr. Vikaram)
Fax No.:	91-285-2661931
E-Mail :	vikram@rachanaseed.com rsijnd@sancharnet.in info@rachanaseeds.com
Website :	http://www.rachanaseeds.com
Area :	150000 sq. ft.
Location :	Owned
Factory 2 :	Dhoraji Road, Near Vinay Solvant, Junagadh – 362 003, Gujarat, India
Location :	Rented

DIRECTORS

As on 30.09.2014

Name :	Mr. Vikram Prabhudas Duvani
Designation :	Director
Address :	25, Gokul Nagar, Near Lodhia Wadi, Laxmi Nagar, Junagadh – 362 001, Gujarat, India
Date of Birth/Age :	16.01.1963
Qualification :	Graduate
Date of Appointment :	19.10.2011
DIN No.:	03249805
Name :	Mr. Sunny Vikrambhai Duani
Designation :	Director
Address :	Parishram Gokul Nagar Society, Behind Junagadh, Gujarat, India
Date of Birth/Age :	16.06.1990
Date of Appointment :	01.07.2014
DIN No.:	06872130

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Vikrambhai Prabhudas Duvani	1475000
Sarojben Prabhudas Duvani	1100000
Avniben Vikrambhai Duvani	349600
Sunny Vikrambhai Duvani	75100
Dipakbhai Bhailalbhai Kotecha	100
Vipulbhai Bhaylalbhai Kotecha	100
Hareshbhai Purshottamdas Raithatha	100
Total	3000000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of HPS Ground Nut, Kernels Shell Peanuts, Roasted Seeds

Products :

• Groundnut in Shell
• Sesame Seeds
• Hulled Sesame Seeds
• Safflower Seeds
• White Coal (briquettes)
• Peanuts
• Blanched Peanuts
• Blanched Peanuts Splits
• Coriander Seed
• Cumin Seed

PRODUCT DESCRIPTION	ITC NO.
Ground Seeds, Fenal Seeds, Takmaria, Seasame Seeds	2008

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

• Finished Goods

Countries :

• Canada
• UAE
• Japan
• Thailand
• Europe
• Russia
• UK
• Mexico
• Middle East

Imports :

Not Divulged

Terms :

Selling :

Cash and Advance Payment

Purchasing :

Cash and Advance Payment

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• Kiran Traders
• Absortech India Private Limited, Chennai
• Akash Proteins-Junagadh
• Aman Suraj Agro Produce Brokers Private Limited, Challakere
• Amardeep Enterprises Maktupur
• Amin Tranport Junagadh
• Archana Automation
• Bhagwati Seeds Kuvadava
• Bhanu Brokers Junagadh
• Bharat Traders Junagadh
• B T Traders Junagadh
• Buhler India Private Limited, Bangalore
• Commodity Impex - Mumbai
• Dalai Dilipkumar Dhirajlal Mehta-Jamnagar
• Dalai J. J. and Company - Junagadh
• Dalai Mahendrakumar Liladhar Junagadh
• Dalai Maheshbhai Liladhar Junagadh
• Dalai Nalinkumar Bhagvanji - JND
• Dalai Pareshbhai Liladhar Junagadh
• Ekta Enterprise- Mangrol

Reference :	Essen Multipacks Limited, Rajkot
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users

• Aditya Birla
• Druzhkovskaya Pishevkusovaya Fabrika Limited Ukraine
• Dana Fruits Limited - Russia
• Mcken Sales International Corporation- Philippines
• Novaro Export Corporation - Panama
• Tesco Ukraine
• Vicam, A Waters Business - Pittsburgh
• Anknsh Nnmkoons Private Limited, Indore
• Adanan Trading, Rajkot
• Aditya Birla Retails Limited, Pune
• Alaghentren Exim India Private Limited, Chennai
• Anurag Protiens Junagadh
• Ashish and Brothers Kota
• Ashutosh Industries - Amreli
• Asiatic Tradelink Ahmedabad
• Bajaj Foods Limited

Reference :	Balaji Agro Industries - Idar
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Banker Name	Punjab National Bank
Branch Address	Danapith, Junasadh Branch – 362 003, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	91-285-2620144
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)	CC/TL/PC = Rs. 400.000 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee Term Loan from banks	385.733	288.103
Total	385.733	288.103

Auditors :
Name :	C. Javia and Company Chartered Accountants
Address :	10, Balia Bhavan, Near Jayshri Talkies, Junagadh – 362 001, Gujarat, India
Tel. No.:	91-285-2624247
PAN No.:	ABUPJ6672N
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned or have significant influence of or are partners with key management personnel and their relatives :	Rachana Impex

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	22.500	22.500
(b) Reserves & Surplus	23.626	14.789	8.579
(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)	53.626	37.289	31.079
(3) Non-Current Liabilities
(a) long-term borrowings	410.740	325.243	231.509
(b) Deferred tax liabilities (Net)	2.036	1.785	0.205
(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)	412.776	327.028	231.714
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	88.127	36.362	55.770
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	3.034	2.780	3.118
Total Current Liabilities (4)	91.161	39.142	58.888
TOTAL	557.563	403.459	321.681
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	57.732	40.440	34.568
(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	0.829	0.802	0.577
(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	0.000	0.000	0.000
Total Non-Current Assets	58.561	41.242	35.145
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	344.262	244.638	120.619
(c) Trade receivables	112.132	82.392	137.276
(d) Cash and cash equivalents	12.998	10.203	7.384
(e) Short-term loans and advances	1.800	2.000	1.500
(f) Other current assets	27.810	22.984	19.757
Total Current Assets	499.002	362.217	286.536
TOTAL	557.563	403.459	321.681

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1021.071	1257.597	393.128
	Other Income	13.845	36.072	14.349
	TOTAL (A)	1034.916	1293.669	407.477
Less	EXPENSES
	TOTAL (B)	983.421	1249.452	386.434
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	51.495	44.217	21.043
Less	FINANCIAL EXPENSES (D)	36.024	29.942	9.906
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	15.471	14.275	11.137
Less/ Add	DEPRECIATION/ AMORTISATION (F)	7.135	5.315	2.358
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	8.336	8.960	8.779
Less	TAX (I)	3.000	2.750	2.700
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	5.336	6.210	6.079
	F.O.B. Value of Exports	517.504	724.081	0.000
	TOTAL EARNINGS	517.504	724.081	0.000
	Earnings / (Loss) Per Share (Rs.)	1.07	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.52	0.49	1.55
Operating Profit Margin (PBDIT / Sales)	(%)	5.04	3.52	5.35
Return on Total Assets (PBT/Total Assets}	(%)	1.50	2.23	2.73
Return on Investment (ROI) (PBT/Networth)		0.16	0.24	0.28
Debt Equity Ratio (Total Debt /Networth)		7.66	8.72	7.45
Current Ratio (Current Asset/Current Liability)		5.47	9.25	4.87

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	22.500	22.500	30.000
Reserves & Surplus	8.579	14.789	23.626
Net worth	31.079	37.289	53.626
long-term borrowings	231.509	325.243	410.740
Short term borrowings	0.000	0.000	0.000
Total borrowings	231.509	325.243	410.740
Debt/Equity ratio	7.449	8.722	7.659

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	393.128	1257.597	1021.071
		219.895	(18.808)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	393.128	1257.597	1021.071
Profit	6.079	6.210	5.336
	1.55%	0.49%	0.52%

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	Yes
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	Yes
18]	Major customers	Yes
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	Yes

Note:

The Registered Office of the company has been shifted from Survey No. 9, Near Jagdish Export, Rajkot Road, Dolatpara, Junagadh – 362 003, Gujarat, India to the present address w.e.f. 29.03.2012.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Deposits from others	25.007	37.140
Total	25.007	37.140

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10316820	29/03/2014 *	408,000,000.00	PUNJAB NATIONAL BANK	DANAPITH, JUNAGADH, Gujarat - 362003, INDIA	C04656278

* Date of charge modification

FIXED ASSETS:

• Factory Building
• Factory Land
• Construction (Factory and Godown)
• Construction (Factory New)
• Machinery
• Fire Safety Equipments
• Air Conditioner
• Colour TV TCL
• Computer and Fax
• CCTV Camera
• Dead Stock
• Electric Weight Kanta
• Furniture and Fixture
• Motor Car – Alto
• Scooter
• Spider Fly Catcher
• Weighing Machine
• Honda City Car

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.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Information Gathered by :
Analysis Done by :
Report Prepared by :	KLS

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	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.