MIRA INFORM REPORT

Report No. :	303274
Report Date :	20.01.2015

IDENTIFICATION DETAILS

Name :	PRIVI LIFE SCIENCES PRIVATE LIMITED [w.e.f. 30.12.2010]
Formerly known as :	PRIVY BIO-ENHANCERS PRIVATE LIMITED [w.e.f. 22.01.2010] INDOBEL BIO ENHANCERS PRIVATE LIMITED
Registered Office :	Privy House, A-71, TTC, Thane Belapur Road, Near Kopar Khairane Railway Station, Navi Mumbai-400709, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.06.1990
Com. Reg. No.:	11-057075
Capital Investment / Paid-up Capital :	Rs. 70.780 Millions
CIN No.: [Company Identification No.]	U24239MH1990PTC057075
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACP2657F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing Bio-Chemicals and Bio-Nutrients.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 650000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered normal 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.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 :	Ms. Meenakshi
Designation :	Accountant
Contact No.:	91-22-27783040
Date :	13.01.2015

LOCATIONS

Registered Office/ Factory :	Privy House, A-71, TTC, Thane Belapur Road, Near Kopar Khairane Railway Station, Navi Mumbai-400709, Maharashtra, India
Tel. No.:	91-22-27783040/ 50
Fax No.:	91-22-27783049
E-Mail :	privipharma@vsnl.com
Website:	http://www.privibioenhancers.com
Location :	Owned

DIRECTORS

As on 29.09.2014

Name :

Mr. Ashok Purshottam Babani

Designation :

9/10, Satguru House, Sherly Rajan Road, Bandra (West), Mumbai - 400 050, Maharashtra, India

Address :

Director

Date of Birth/Age :

21.11.1955

Date of Appointment :

29.09.2012

DIN No.:

00051143

PAN No.:

AFLPB1547B

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	U65990MH1991PTC060049	MULTI SATCO INVESTMENTS PRIVATE LIMITED	Director	18/05/1992	18/05/1992	-	Active	NO
2	U70101MH1987PTC045108	SATGURU-KNS CONSTRUCTIONS PRIVATE LIMITED	Director	03/09/1999	03/09/1999	-	Active	NO
3	U45200MH1987PTC045057	BUILDWELL LAND DEVELOPERS PVT LTD	Director	10/06/2002	10/06/2002	-	Active	NO
4	U24239MH1990PTC057075	PRIVI LIFE SCIENCES PRIVATE LIMITED	Director	29/09/2012	03/09/2012	-	Active	NO
5	U67120MH1995PTC086563	MONEYMART SECURITIES PRIVATE LIMITED	Additional director	02/12/2014	02/12/2014	-	Active	NO
6	AAB-1670	SATELITE CHEMICALS LIMITED LIABILITY PARTNERSHIP	Designated Partner	15/10/2012	15/10/2012	-	Active	NO

Name :

Mr. Anoop Purshotam Babani

Designation :

11, Satguru House, Sherly Rajan Road, Bandra (West), Mumbai - 400 050, Maharashtra, India

Address :

Director

Date of Birth/Age :

27.05.1954

Date of Appointment :

29.06.1960

Din NO.:

00185218

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	U45200MH1987PTC045057	BUILDWELL LAND DEVELOPERS PRIVATE LIMITED	Director	20/10/1987	20/10/1987	-	Active	NO
2	U65990MH1989PLC051506	SATCO CAPITAL MARKETS LIMITED	Managing director	01/04/2013	25/04/1989	30/01/2014	Active	NO
3	U24110MH1989PTC052478	VIVIRA CHEMICALS PRIVATE LIMITED	Director	15/11/1989	15/11/1989	-	Active	NO
4	U65990MH1990PTC055495	BABANI INVESTMENT AND TRADING PRIVATE LIMITED	Director	19/02/1990	19/02/1990	-	Active	NO
5	U24239MH1990PTC057075	PRIVI LIFE SCIENCES PRIVATE LIMITED	Director	29/06/1990	29/06/1990	-	Active	NO
6	U65990MH1991PTC060049	MULTI SATCO INVESTMENTS PRIVATE LIMITED	Director	18/05/1992	18/05/1992	-	Active	NO
7	U51900MH1991PTC059819	SATGURU ENTERPRISES PRIVATE LIMITED	Director	03/01/1994	03/01/1994	-	Active	NO
8	U24120MH1982PLC026867	PRIVI ORGANICS LIMITED	Director	18/03/1999	18/03/1999	-	Active	NO
9	U70101MH1987PTC045108	SATGURU-KNS CONSTRUCTIONS PRIVATE LIMITED	Director	03/09/1999	03/09/1999	-	Active	NO
10	U70101MH1987PTC045107	SATCO COMMODITIES PRIVATE LIMITED	Director	26/09/2009	30/04/2007	30/01/2014	Active	NO
11	U24100MH2009PTC197842	PRIVI LIFE SCIENCES PRIVATE LIMITED	Director	14/12/2009	14/12/2009	16/06/2010	Amalgamated	NO
12	U67120MH1995PTC086563	MONEYMART SECURITIES PRIVATE LIMITED	Director	29/09/2014	21/12/2013	-	Active	NO
13	AAA-1714	PRIVI ASSOCIATES LIMITED LIABILITY PARTNERSHIP	Body corporate as Designated Partner	02/07/2010	02/07/2010	-	Active	NO
14	AAD-0935	SATGURU VENTURES LLP	Designated Partner	22/12/2014	22/12/2014	-	Active	NO

Name :

Mr. Vinaykumar Rao

Designation :

Managing Director

Address :

903, Daffodil, Satguru Gardens, Thane (East) - 400063, Maharashtra, India

Date of Birth/Age :

27.02.1969

Date of Appointment :

05.08.2010

Din No.:

00502279

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	U24110MH1989PTC052478	VIVIRA CHEMICALS PRIVATE LIMTED	Director	20/04/1998	20/04/1998	-	Active	NO
2	U24239MH1990PTC057075	PRIVI LIFE SCIENCES PRIVATE LIMITED	Director	05/08/2010	26/09/2009	-	Active	NO
3	U52190MH2010PTC209186	BETTER LIVING CONCEPTS INDIA PRIVATE LIMITED	Director	20/10/2010	20/10/2010	-	Active	NO

Name :

Hendrik Vanden Berghe

Designation :

Director

Address :

Heirweg, 154, 9270, Laarne-9270, Belgium

Date of Birth/Age :

25.04.1979

Date of Appointment :

29.09.2012

Din No.:

03115158

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	U24100MH2009PTC197842	PRIVI LIFE SCIENCES PRIVATE LIMITED	Director	03/12/2010	16/06/2010	-	Amalgamated	NO
2	U24239MH1990PTC057075	PRIVI LIFE SCIENCES PRIVATE LIMITED	Director	29/09/2012	03/09/2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Meenakshi
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Anoop Purshotam Babani	29973
Mahesh Purshotam Babani	39610
Sarla Anoop Babani	5500
Satan Satumal Bharwani	10472
Guduru Ramesh Babu	8562
Ashok P Babani jointly	3250
D B Rao	31785
D Grace Vinaykumar	18448
D RajKumar	18919
D VijayKumar	12124
Arundati Samant	1
R K Bhojwani	1
Satguru Enterprises Private Limited, India	82782
Babani Investments and Trading Private Limited, India	16360
Buildwell Land Development Private Limited, India	23255
Nandkumar Bathija	51395
Prakash H Khiani	11661
Ultima International Sarl	26073
Anoop P Babani	3
Rajesh Budhrani	62315
Jivat Khiani	97262
Vivira Investment and Trading Private Limited, India	1000
D. Vinaykumar	9558
Prasanna Rajkumar	5000
Vivek Mehrotra	50000
Bharati Khiani	35925
D. Premleela	232
Sharon Doppalapudi	2325
Plexlo Inc.	83593
Total	737384

Names of Shareholders (Preference Shares)	No. of Shares
Prakash Khiani	103788
Total	103788

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

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	42.97
Bodies corporate	16.73
Directors or relatives of Directors	23.97
Other top fifty shareholders	16.33
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing Bio-Chemicals and Bio-Nutrients.

Products :

Product Description	Item Code No. (ITC Code)
Aluminium Sulphate	2833
Anhydrate Aluminium Sulphate	2833
Agri- inputs and varients	3808

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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

Reference :	Not Divulged
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 :

Not Divulged

Bankers :

Banker Name	Allahabad Bank
Branch Address	Khar (West) Branch,Vasu Smruti,13^th Road, Khar (West), Mumbai - 400052, 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

• Central Bank of India, Chander Mukhi, Ground Floor, Nariman Point, Mumbai - 400021, Maharashtra, India
• Bank of Maharashtra, Roha I .E Branch, At. Po. Dhatav Industrial Estate, Taluka, Roha, District Raigad, Mumbai - 402116, Maharashtra, India
• State Bank of India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Fully convertible debentures others	0.000	12.750
Rupee term loans from banks	6.750	9.865
Short Term Borrowing
Loans repayable on demand from banks	41.548	31.621
Total	48.298	54.236

Auditors :
Name :	B Y and Associates Chartered Accountant
Address :	510-513, Apeejay House, 130, Mumbai Samachar Marg, Fort, Mumbai – 400023, Maharashtra, India
PAN No.:	AAFFB0462N
Memberships :	Not Available
Collaborators :	Not Available
Associate :	Buildwell Land Developers Private Limited, India CIN No.: U45200MH1987PTC045057 Minar Organics Private Limited, India CIN No.: U24110MH1994PTC075907 Privi Organics Limited, India CIN No.: U24120MH1982PLC026867 Satguru Enterprises Private Limited, India CIN No.: U51900MH1991PTC059819 Vivira Chemicals Private Limited, India CIN No.: U24110MH1989PTC052478

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
890000	Equity Shares	Rs.100/- each	Rs. 89.000 Millions
110000	Preference Shares	Rs.100/- each	Rs. 11.000 Millions
	Total		Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
737384	Equity Shares	Rs.100/- each	Rs. 73.738 Millions
103788	Preference Shares	Rs.100/- each	Rs. 10.379 Millions
	Total		Rs. 84.177 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
707798	Equity Shares	Rs.100/- each	Rs. 70.780 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	70.780	48.348	36.716
(b) Reserves & Surplus	141.592	80.681	79.161
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	15.509	0.000	0.000
Total Shareholders’ Funds (1) + (2)	227.881	129.029	115.877
(3) Non-Current Liabilities
(a) long-term borrowings	21.504	55.579	46.388
(b) Deferred tax liabilities (Net)	0.255	0.281	0.174
(c) Other long term liabilities	15.729	3.160	2.025
(d) long-term provisions	0.000	0.123	0.122
Total Non-current Liabilities (3)	37.488	59.143	48.709
(4) Current Liabilities
(a) Short term borrowings	41.548	31.620	34.904
(b) Trade payables	49.621	31.345	15.121
(c) Other current liabilities	10.114	5.718	5.406
(d) Short-term provisions	2.257	1.044	0.425
Total Current Liabilities (4)	103.540	69.727	55.856
TOTAL	368.909	257.899	220.442
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	61.434	65.269	68.915
(ii) Intangible Assets	1.234	1.842	2.377
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.749	2.220	1.030
(e) Other Non-current assets	82.771	27.392	11.887
Total Non-Current Assets	147.188	96.723	84.209
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	44.307	29.843	21.540
(c) Trade receivables	133.524	120.715	86.812
(d) Cash and cash equivalents	29.242	2.491	19.300
(e) Short-term loans and advances	14.648	8.127	8.581
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	221.721	161.176	136.233
TOTAL	368.909	257.899	220.442

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	REVENUE (GROSS)	189.073	143.187	98.393
Less	EXPENSES TOTAL	153.772	130.692	114.850
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	35.301	12.495	(16.457)
Less/ Add	DEPRECIATION/ AMORTISATION	31.620	13.584	9.251
	PROFIT/ (LOSS) BEFORE TAX	3.681	(1.089)	(25.708)
Less	TAX	0.674	0.107	(0.091)
	PROFIT/ (LOSS) AFTER TAX	3.007	(1.196)	(25.617)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(24.993)	(23.797)	1.820
	BALANCE CARRIED TO THE B/S	(21.986)	(24.993)	(23.797)
	EARNINGS IN FOREIGN CURRENCY	15.737	0.000	6.866
	Earnings Per Share (Rs.)	3.57	(1.42)	(30.45)

Expected Sales (2014-15): Rs. 200.000 Millions.

The above information has been parted by Ms. Meenakshi.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.00	(0.42)	(11.66)
Return on Investment (ROI) (PBT/Networth)		0.02	(0.01)	(0.22)
Debt Equity Ratio (Total Debt /Networth)		0.28	0.68	0.70
Current Ratio (Current Asset/Current Liability)		2.14	2.31	2.44

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	36.716	48.348	70.780
Reserves & Surplus	79.161	80.681	141.592
Net worth	115.877	129.029	227.881
long-term borrowings	46.388	55.579	21.504
Short term borrowings	34.904	31.620	41.548
Total borrowings	81.292	87.199	63.052
Debt/Equity ratio	0.702	0.676	0.277

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	98.393	143.187	189.073
		45.526	32.046

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	98.393	143.187	189.073
Profit	(25.617)	(1.196)	3.007
	(26.04)%	(0.84)%	1.59%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	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	Yes
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)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from 2, Bright Land, 195, Tuner Road, Bandra (West), Mumbai-400050, Maharashtra, India to the present address w.e.f. 01.03.2010

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans and advances from others	14.754	32.964
Total	14.754	32.964

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	CHARGE HOLDER	ADDRESS	Service Request Number (SRN)
1	10539990	08/12/2014	65,000,000.00	CENTRAL BANK OF INDIA	CHANDER MUKHI, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	C38864773
2	10258494	28/09/2011 *	50,000,000.00	BANK OF MAHARASHTRA	ROHA I .E BRANCH, AT. PO. DHATAV INDUSTRIAL ESTATE, TALUKA ROHA DISTRICT RAIGAD, MUMBAI, MAHARASHTRA - 402116, INDIA	B23636285

* Date of charge modification

FINANCIAL AND OPERATIONAL REVIEW

The year 2013-14 witnessed several new developments at Domestic and International level. The Company added two new products Nutrivit Cotton and Nutrivit Vegetables and also started operations in Himachal Pradesh and Tamil Nadu.

There product Nutrifight, launched in the latter half of 2012-13, witnessed excellent acceptance among farmers and trade community on several crops across the regions. The Company now has several varieties of products in orthosilicic chemistry which are tailor made for individual crop requirements. Thus they have specialized products each for Rice, Cotton, Sugarcane, Potato and vegetables. This has substantially diversified and hence increased our customer base.

The Company has started exporting its products to Kenya where the market response has been encouraging among corporate as well as trade channel customers. The satisfactory liquidation pace and repeat orders has fuelled hope for further growth in exports in the seasons to come.

The Company has recorded a total income of Rs. 189.073 Millions for the year ended 31st March, 2014 (Previous year Rs. 143.187 Millions) registering a growth of 32% and a Profit before Tax of Rs. 3681 Millions (Previous year, loss of Rs. 1.089 Millions).

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY TREND AND ANALYSIS

While the year 2013-14 saw above normal monsoon at around 106% of the long term average in general, some pockets received excessive rainfall viz. Andhra Pradesh and Chattisgarh which hampered liquidation and cash flow to a considerable extent in that region. The Rabi though was good on the back of ample water availability in the water bodies.

The segment of specialty nutrients and micronutrients is growing faster than overall fertilizers and pesticides segment, albeit over small base. The increased awareness among the farmers and trade community is one of the major reasons for this growth and the trend is expected to continue in

the coming years.

GROWTH DRIVERS

The growth of the Company will be driven by increasing width and depth of distribution network in existing regions, enhancing farmers base for existing products, increasing the product range in the specialty nutrients and nutrition segment, international sales, expanding geographies with in India and corporate business. Introduction of specialty nutrient products to be made available to the farmers which easily fit into existing package of practices will immensely help in increasing the volumes in crops like sugarcane and cereals. Some new products lines, which are at various stages of pre-launch preparations, will also contribute to the planned growth in the coming years.

INTERNATIONAL REACH

The year 2013-14 witnessed first serious international presence of our products in Kenya. The initial response has been very encouraging. This presence is helping in making in-roads into other African countries. Further, participation in various international conferences is also helping us to introduce our technology to the world.

OUTLOOK FOR 2014-2015

Monsoon during the year 2014 across the regions were significantly delayed and various forecasts too had indicated erratic and below normal monsoon. This affected the sowing pattern and sentiments of the farmers and trade community leading to lesser than expected liquidation and thereby lower cash flows. The Kharif season was delayed by over a month in most of the regions. Overall rainfall recorded till August has been significantly below the long term average. The Government has declared drought in the some of the regions viz. Haryana, Uttar Pradesh and parts of Vidarbha. However some late monsoon in the month of August and good forecast for September did give some relief which has helped in improving the sentiments in the coming Rabi season. As our major season is Rabi, we expect to cover up the shortfalls of Kharif during this season.

The strong R&D and field extension work done with farmers in the earlier years is expected to provide reasonably strong demand for the specialty nutrients mainly in horticulture segment. Identification of newer segments and crops for specialty nutrients will help in building strong base which will contribute to the growth in the coming seasons. However competition from me-too cheap local products is expected to pose some challenge in dealing with the farmers and trade partners.

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Factory Equipments
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.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 :	KLS

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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.