MIRA INFORM REPORT

Report No. :	303810
Report Date :	17.01.2015

IDENTIFICATION DETAILS

Name :	NIRMAL SEEDS PRIVATE LIMITED
Registered Office :	Bhadgaon Road, Pachora, Jalgaon – 424201, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.10.1988
Com. Reg. No.:	11-049277
Capital Investment / Paid-up Capital :	Rs. 70.168 Millions
CIN No.: [Company Identification No.]	U01100MH1988PTC049277
IEC No.:	Not Available
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 :	Manufacturer exporter and importer of all types of seeds.
No. of Employees :	450 (Approximately)

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. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered for 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term Loans BB+
Rating Explanation	Moderate risk of default
Date	December 2013

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. Suresh Patil
Designation :	AGM in Finance
Contact No.:	91-2596-244971
Date :	16.01.2015

LOCATIONS

Registered Office / Factory:	Bhadgaon Road, Pachora, Jalgaon – 424201, Maharashtra, India
Tel. No.:	91-2596-244971/244396/244931
Fax No.:	91-2596-244045
E-Mail :	info@nirmalseedsindia.com
Website :	www.nirmalseedindia.com
Mumbai office :	1301, Dwing Rajyog Cooperative Housing Society, Building No. 4, Near Swami Samrth Temple Mhada Complex, Varsova, Andheri – 400058, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Raghunath Onkar Patil
Designation :	Director
Address :	Jaikisan Colony, Bhadgaon Road, Pachora, 424201, Maharashtra, India
Date of Appointment :	18.12.1988
DIN No.:	00166208
PAN No.:	ABMPP9329E
Name :	Mr. Suresh Shamrao Patil
Designation :	Director
Address :	2, Sadhana Apartments, Mayadevi Nagar, Mahabal, Jalgaon - 425001, Maharashtra, India
Date of Appointment :	18.12.1988
DIN No.:	00405022
	AAQPP9081L
Name :	Mr. Jaysing Chandrasing Rajput
Designation :	Director
Address :	Nirmal Seeds (Private) Limited, Compound, Pachora, Jalgaon - 424201, Maharashtra, India
Date of Appointment :	08.07.1998
DIN No.:	00405232
	AGOPR8007L
Name :	Mr. Dilip Ramrao Deshmukh
Designation :	Director
Address :	Plot No. 30-B, Manraj Park, Jalgon, 425001, Maharashtra, India
Date of Appointment :	18.12.1988
DIN No.:	00407135
PAN No.:	AETPD7601R

KEY EXECUTIVES

Name :	Mr. Suresh Patil
Designation :	AGM in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer exporter and importer of all types of seeds.

Products :

Item Code No.	Product Description
31010099	Bio Power Granules

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

· Kenya

· Mauritius

· Ethiopia

· UAE

· Sri Lanka

Imports :

Products :

Raw Material

Countries :

· Ethiopia

Terms :

Selling :

Cash, Advance Payment, Credit and Cheque

Purchasing :

Cash, Advance Payment, Credit and Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Mineral and Metal, Bhavnagar, Gujarat, India

Name of the Person :

Mr. Mohsinbhai – Partner

Contact No.:

91-9825205333

Since How Long Known :

12 Years

Maximum Limit Dealt :

Rs. 80.000 Millions App Yearly

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark:

They had a good experience with subject company. As claimed by Mr. Mohsin (Partner) Payment behaviour are good. They are satisfied with their payment behaviour.

Customers :

Reference :

Adarsh Agro Jalgaon

Name of the Person :

Mr. Rajendra Patil – Partner

Contact No.:

91-9422292351

Since How Long Known :

1996

Maximum Limit Dealt :

Rs. 40.000 Millions Yearly

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

Mr. Rajendra Patil (Partner) they are satisfied with product quality and delivery behaviour.

No. of Employees :

450 (Approximately)

Bankers :

The Shamrao Vithal Co-Operative Bank Limited, Goregaon W Branch, Bombay - 400062, Maharashtra, India

Bank Name	Vijaya Bank
Branch	Head Office At Bangalore, Jalgaon Branch, Jalgaon - 425001, Maharashtra, India
Person Name (With Designation)	Mr. Y R Johar (Chief Manager)
Contact Number	91-257-2241806
Name of Account Holder	Nirmal Seeds Private Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	15 Years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash and Credit: Rs. 750.000 Millions Term Loan: Rs. 150.000 Millions
Account Operation	Good
Remarks (If any)	Mr. Y. R. Johar (Chief Manager) gave us Positive response about the subject company. They are satisfied with their banking transaction.

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	0.079	0.707
Loans taken for fixed assets	96.236	43.581
Other loans and advances, others	5.587	5.479
Short-term borrowings
Loans repayable on demand	606.686	543.774
Total	708.588	593.541

Financial Institute:	Department of Biotechnology, 6-8th Floor, Block No.2, Cgo Complex, Lodhi Road, New Delhi - 110003, Delhi, India
Auditors :
Name :	S G Deshpande and Associates Chartered Accountants
Address :	Shop No 8 10, 1^st Floor , Chhatrapati Shivaji Maharaj Complex, Opposite Sbi Main Branch, Below Lokmat Office, Jalgaon - 425001, Maharashtra India
PAN N Income-tax PAN of auditor or auditor's firm :	AHXPD9804F
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:	· Shree Asaramji Agro Industries

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7016800	Equity Shares	Rs.10/- each	Rs. 70.168 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	70.168	66.258	43.708
(b) Reserves & Surplus	571.154	269.256	200.453
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	10.450
Total Shareholders’ Funds (1) + (2)	641.322	335.514	254.611
(3) Non-Current Liabilities
(a) long-term borrowings	101.902	49.768	59.727
(b) Deferred tax liabilities (Net)	27.392	32.838	26.917
(c) Other long term liabilities	55.360	49.516	43.232
(d) long-term provisions	2.523	2.106	12.791
Total Non-current Liabilities (3)	187.177	134.228	142.667
(4) Current Liabilities
(a) Short term borrowings	959.143	852.943	725.561
(b) Trade payables	59.011	30.551	45.865
(c) Other current liabilities	172.242	140.830	117.615
(d) Short-term provisions	2.624	7.364	8.695
Total Current Liabilities (4)	1193.020	1031.688	897.736
TOTAL	2021.519	1501.430	1295.014
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	538.009	257.242	255.738
(ii) Intangible Assets	2.442	3.256	3.785
(iii) Capital work-in-progress	62.938	0.361	0.813
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.034	0.034	0.033
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.490	4.803	3.980
(e) Other Non-current assets	10.083	27.424	19.332
Total Non-Current Assets	618.996	293.120	283.681
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	839.346	628.052	567.810
(c) Trade receivables	301.785	246.850	165.980
(d) Cash and cash equivalents	181.748	131.839	51.927
(e) Short-term loans and advances	59.292	177.581	199.319
(f) Other current assets	20.352	23.988	26.297
Total Current Assets	1402.523	1208.310	1011.333
TOTAL	2021.519	1501.430	1295.014

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Total Revenue	2145.213	1931.802	1632.109
Other Income	NA	NA	NA
TOTAL	NA	NA	NA
EXPENSES	2035.949	1843.081	1557.417
PROFIT / (LOSS) BEFORE EXCEPTIONAL ITEMS AND TAX	109.264	88.720	74.693
EXCEPTIONAL ITEMS	29.669	(5.087)	10.315
PROFIT/ (LOSS) BEFORE TAX	79.595	93.807	64.377
TAX	11.646	25.004	21.273
PROFIT/ (LOSS) AFTER TAX	67.949	68.803	43.105
Earnings / (Loss) Per Share (Rs.)	9.68	NA	NA

Expected Sales (2014-15) : Rs.2250.000 millions

The above information has been parted by Mr. Suresh Patil (AGM Finance)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.06	6.25	4.97
Return on Investment (ROI) (PBT/Networth)		0.12	0.28	0.25
Debt Equity Ratio (Total Debt /Networth)		1.65	2.69	3.08
Current Ratio (Current Asset/Current Liability)		1.18	1.17	1.13

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	43.708	66.258	70.168
Reserves & Surplus	200.453	269.256	571.154
Share Application money pending allotment	10.450	0.000	0.000
Net worth	254.611	335.514	641.322
long-term borrowings	59.727	49.768	101.902
Short term borrowings	725.561	852.943	959.143
Total borrowings	785.288	902.711	1061.045
Debt/Equity ratio	3.084	2.691	1.654

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)
Total Revenue	1632.109	1931.802	2145.213
		18.362	11.047

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	1632.109	1931.802	2145.213
Profit	43.105	68.803	67.949
	2.64%	3.56%	3.17%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT

Particular	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	25.347	22.931	28.575
Total	25.347	22.931	28.575

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	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	Yes
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

OPERATION:

During the year, Company has issued 03,91,000 Equity Shares of Rs.10/- each.

The total revenue during the year was Rs.2145.213 Millions as compared to Rs.1931.802 Millions for the preceding year showing an increase of 10.45%. The operations have resulted in profit of Rs.67.949 Millions against Rs.68.803 Millions of the preceding year.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Short-term borrowings
Other loans and advances	352.457	309.169
Total	352.457	309.169

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10520483	25/08/2014	6,182,000.00	VIJAYA BANK	BAMBRUD KHURD BRANCH, GAT NO. 136, BAMBRUD SHIVAR , BHADGAON ROAD, PACHORA, MAHARASHTRA - 424201, INDIA	C21085527
2	10471157	12/12/2013 *	22,500,000.00	VIJAYA BANK	HEAD OFFICE AT BANGALORE, JALGAON BRANCH, JALGAON, MAHARASHTRA - 425001, INDIA	B95779922
3	10471159	12/12/2013 *	33,500,000.00	VIJAYA BANK	HEAD OFFICE AT BANGALORE, JALGAON BRANCH, JALGAON, MAHARASHTRA - 425001, INDIA	B95780557
4	10471160	12/12/2013 *	2,800,000.00	VIJAYA BANK	HEAD OFFICE AT BANGALORE, JALGAON BRANCH, JALGAON, MAHARASHTRA - 425001, INDIA	B95782074
5	10471163	12/12/2013 *	21,200,000.00	VIJAYA BANK	HEAD OFFICE AT BANGALORE, JALGAON BRANCH, JALGAON, MAHARASHTRA - 425001, INDIA	B95780268
6	10451203	03/09/2013	13,200,000.00	VIJAYA BANK	HEAD OFFICE AT BANGALORE, JALGAON BRANCH, JALGAON, MAHARASHTRA - 425001, INDIA	B85786846
7	10482406	03/09/2013	15,300,000.00	VIJAYA BANK	HEAD OFFICE AT BANGALORE, JALGAON BRANCH, JALGAON, MAHARASHTRA - 425001, INDIA	B88290242
8	10383014	27/12/2013 *	11,330,000.00	BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL	A-254, BHISHAM PITAMAH MARG, DEFENCE COLONY, NEW DELHI, DELHI - 110024, INDIA	B98516677
9	10369470	19/06/2012	100,000,000.00	VIJAYA BANK	HEAD OFFICE AT BANGALORE, JALGAON BRANCH, JALGAON, JALGAON, MAHARASHTRA - 425001, INDIA	B45275435
10	10343370	09/03/2012	2,400,000.00	VIJAYA BANK	HEAD OFFICE AT BANGALORE, JALGAON BRANCH, JALGAON, MAHARASHTRA - 425001, INDIA	B35531466

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

· Livestock

Intangible assets

· Know-how

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.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.00

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	JYTK

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	5
--RESERVES	1~10	6
--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	YES
--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.