MIRA INFORM REPORT

Report No. :	302608
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	NAYAN AGRO LIMITED
Registered Office :	80, Shivaji Chowk, District Khandwa – 450001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.02.2000
Com. Reg. No.:	10-014020
Capital Investment / Paid-up Capital :	Rs. 3.936 Millions
CIN No.: [Company Identification No.]	U01531MP2000PLC014020
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Healthy and Fresh Agro Products under the Brand Name of Nayan Gold.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 97000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are usually 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

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-733-2223991)

LOCATIONS

Registered Office :	80, Shivaji Chowk, District Khandwa – 450001, Madhya Pradesh, India
Tel. No. :	91-733-2223991
Mobile No. :	91-7354333391 (Mr. Ashok Agrawal Kumar)
Fax No. :	91-733-2222891
E-Mail :	cashubhamragrawal@gmail.com
Website :	http://www.nayanagro.com
Factory :	Village Taklimori, Indore Road, Khandwa – 450001, Madhya Pradesh, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Rajendra Kumar Agrawal

Designation :

Director

Address :

Shiwaji Chowk, Khandwa - 450001, Madhya Pradesh, India

Date of Birth/Age :

12.06.1962

Date of Appointment :

07.02.2000

DIN No. :

00206879

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	Company/ LLP Status	Defaulting status
1	U06302MP1996PLC011209	MAA VAISHNO ICE AND COLD STORAGE LIMITED	Director	13/09/1996	13/09/1996	Active	NO
2	U01531MP2000PLC014020	NAYAN AGRO LIMITED	Director	07/02/2000	07/02/2000	Active	NO

Name :

Mr. Amit Agrawal

Designation :

Director

Address :

Shiwaji Chowk, Khandwa - 450001, Madhya Pradesh, India

Date of Birth/Age :

10.04.1982

Date of Appointment :

30.12.2001

DIN No. :

00206907

Name :

Mr. Ashok Agrawal Kumar

Designation :

Director

Address :

60, Shivaji Chouk, Khandwa - 450001, Madhya Pradesh, India

Date of Birth/Age :

01.08.1954

Date of Appointment :

07.02.2000

DIN No. :

02993703

Name :

Mr. Vinod Agrawal Kumar

Designation :

Director

Address :

60, Shivaji Chowk, Khandwa, 450001, Madhya Pradesh, India

Date of Birth/Age :

14.04.1957

Date of Appointment :

30.12.2001

DIN No. :

02993718

Name :

Mr. Gopal Dorwal

Designation :

Whole-time direcTor

Address :

M.N.44 Narayan Prasad Tigoriya Marg, Ward N. 40, Untkunwa Ke Pass, Untkunwa Mohlla, East Nimar, Khandwa - 450001, Madhya Pradesh, India

Date of Birth/Age :

01.06.1972

Date of Appointment :

13.10.2014

DIN No. :

06989728

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Ashok Agrawal	54100
Rajendra Agrawal	28900
Sonam Agrawal	23700
Asha Agrawal	29000
Pushpa Agrawal	3900
Amit Agrawal	10000
Uma Agrawal	7300
Radheshyam Agrawal	4500
Meena Garg	10000
Sangeeta Agrawal	36000
Shubham Agrawal	25700
Anoop Tiwari	2000
B.D. Sethi	5500
Dyaram Sethi	4500
Dhanraj Hariprasad	1800

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	75.15
Other top fifty shareholders	24.85
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Healthy and Fresh Agro Products under the Brand Name of Nayan Gold.
Products :	· Maida (Refined All-Purpose Flour) · Suji (Semolina) · Rawa · Chapad (Wheat Bran)   · Chakki Fresh Aata (Whole Wheat Flour)
Brand Names :	NAYAN GOLD
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Actual Production
Atta	Qtls	20660.89
Maida	Qtls	56846.52
Chapad	Qtls	8612.21
Rava and Suji	Qtls	28181.32
Total		114300.94

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

· Mohit Trading Company

· Ashish Trading Company

· Rajesh Kumar and Company

· Sheetal Traders

· Vinayak Trading Company

· Global Marketing

· Dhanraj Marketing

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

· A.K. Traders

· Bharat Traders

· Deepak Trading Company

· Dinesh Trading Company

· J. P. Agro

· National Traders

· Mehta Enterprises

· M. K. Traders

· Shiv Traders

· Sai Enterprises

No. of Employees :

Not Divulged

Bankers :

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

· Central Bank of India, Post Box No.23, Shivaji Chowk, Khandwa, Khandwa - 450001, Madhya Pradesh, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Working Capital Loans (Bank)	28.426	20.435
Total	28.426	20.435

NOTE

Working Capital Loan from Bank are secured by hypothecation of Company Stocks and Book Debts and by a second charge by way of an equitable mortgage on the company immovable property situated at plant site and guaranteed by the directors.

Banking Relations :	--
Auditors :
Name :	Vashistha and Company Chartered Accountants
Address :	Pardeshipura, Badabam, Agarkar Marg, Khandwa – 450001, Madhya Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AGNPV8757G
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
400,000	Equity Shares	Rs.10/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
393,600	Equity Shares	Rs.10/- each	Rs. 3.936 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		3.936	3.936	3.936
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		30.223	26.355	22.467
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.159	30.291	26.403
LOAN FUNDS
1] Secured Loans		28.426	20.435	21.580
2] Unsecured Loans		9.017	11.928	1.346
TOTAL BORROWING		37.443	32.363	22.926
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		71.602	62.654	49.329
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.043	19.886	17.379
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.091	30.152	24.604
	Sundry Debtors	9.063	7.349	7.234
	Cash & Bank Balances	0.648	2.540	0.252
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.016	5.193	1.771
Total Current Assets		59.818	45.234	33.861
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.119	0.360	0.247
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	2.140	2.106	1.664
Total Current Liabilities		8.259	2.466	1.911
Net Current Assets		51.559	42.768	31.950
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		71.602	62.654	49.329

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	195.250	181.445	151.735
		Other Income	0.523	0.475	1.167
		TOTAL (A)	195.773	181.920	152.902
Less	EXPENSES
		Increase/ (Decrease) in Stocks	1.639	-2.448	1.470
		Manufacturing and Other Expenses	184.608	176.083	143.370
		TOTAL (B)	186.247	173.635	144.840
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.526	8.285	8.062
Less	FINANCIAL EXPENSES (D)		4.324	2.913	3.595
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.202	5.372	4.467
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.068	1.169	1.246
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		4.134	4.203	3.221
Less	TAX (H)		1.324	1.473	1.209
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		2.810	2.730	2.012
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.676	10.955	8.955
	BALANCE CARRIED TO THE B/S		16.486	13.685	10.967
	Earnings / (Loss) Per Share (Rs.)		7.14	6.94	5.11

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.44	1.50	1.33
Operating Profit Margin (PBDIT/Sales)	(%)	4.88	4.57	5.31
Return on Total Assets (PBT/Total Assets}	(%)	5.18	6.45	6.29
Return on Investment (ROI) (PBT/Networth)		0.12	0.14	0.12
Debt Equity Ratio (Total Debt/Networth)		1.10	1.07	0.87
Current Ratio (Current Asset/Current Liability)		7.24	18.34	2.02

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	3.936	3.936	3.936
Reserves & Surplus	22.467	26.355	30.223
Net worth	26.403	30.291	34.159
Secured Loans	21.58	20.435	28.426
Unsecured Loans	1.346	11.928	9.017
Total borrowings	22.926	32.363	37.443
Debt/Equity ratio	0.868	1.068	1.096

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	151.735	181.445	195.250
		19.580	7.608

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	151.735	181.445	195.250
Profit	2.012	2.730	2.810
	1.33%	1.50%	1.44%

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	No
10]	Designation of contact person	No
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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90205597	03/07/2014 *	35,000,000.00	CENTRAL BANK OF INDIA	POST BOX NO.23, SHIVAJI CHOWK, KHANDWA, MADHYA PRADESH - 450001, INDIA	C16191454

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
From Director	0.080	0.080
From Shareholders	8.937	11.848
Total	9.017	11.928

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Flour Mill Rollers

· Motor Cycle

· Motor Car

· Computer

· Furniture

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.61.50
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	5
--CREDIT LINES	1~10	5
--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		46

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.