MIRA INFORM REPORT

Report No. :	330069
Report Date :	02.07.2015

IDENTIFICATION DETAILS

Name :	HIFIELD – AG CHEM INDIA PRIVATE LIMITED

Registered Office :	35, Nirala Bazar, Aurangabad – 431001, Maharashtra
Tel. No.:	91-240-2350788

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	11.11.1994

Com. Reg. No.:	11-082864

Capital Investment / Paid-up Capital :	Rs. 2.000 Million

CIN No.: [Company Identification No.]	U24200MH1994PTC082864

IEC No.:	0396008810

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 of pesticides agro chemicals such as organic fertilizers and stimulants, plant growth regulators etc.

No. of Employees :	55 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 240000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Pooja
Designation :	Purchase manager
Contact No.:	91-240-2350788
Date :	01.07.2015

LOCATIONS

Registered Office :	35, Nirala Bazar, Aurangabad – 431001, Maharashtra, India
Tel. No.:	91-240-2350788
Mobile No.:	91-240-2350788 (Mr. Mahavir Lohadiya)
Fax No.:	91-240-2351288
E-Mail :	agrochem@hifield-ag.com
Website :	www.hifield-ag.com
Location :	Owned

Factory :	G – 39/26, MIDC, Valunj, Dist. Aurangabad – 431136, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Ashok Shivnarayan Darak
Designation :	Director
Address :	Plot No.4, Behind Dr. Panse, Pushpangiri, Aurangabad-431001, Maharashtra, India
Date of Birth/Age :	19.11.1947
Date of Appointment :	11.11.1994
Voter ID No.:	MT / 32 / 186 / 189005
DIN No.:	00137033

Name :	Mr. Bhagatsing Ashok Darak
Designation :	Director
Address :	Plot No.4, Behind Dr. Panse, Pushpangiri, Aurangabad-431001, Maharashtra, India
Date of Birth/Age :	16.06.1976
Date of Appointment :	11.11.1994
Voter ID No.:	MT / 32 /186 / 189006
DIN No.:	00136866

KEY EXECUTIVES

Name :	Ms. Pooja
Designation :	Purchase manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Ashok Shivnarayan Darak	13500	67.50
Bhagatsing Ashok Darak	1,000	5.00
Badrinarayan S. Agarwal	500	2.50
Aruna Ashok Darak	5,000	25.00
Total	20000	100.00

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 of pesticides agro chemicals such as organic fertilizers and stimulants, plant growth regulators etc.

Products :	Organic Fertilizers and Stimulants o Humic AG 50% o Black Dragon o Humic AG Plus o Blow Flowers o Thunder Ball o Bio Organic Fertilizers Plant Growth Regulators o Gibrax o Domet o Lihoguard o Ethefon

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :
Products :	Raw Material
Countries :	UAE China Japan

Terms :
Selling :	Cash/Credit (30 Days)

Purchasing :	Cash/Credit (30 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Krushi Rasayan. Aurangabad, Maharashtra, India
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 :	Umesh Krushi Seva Kendra. Aurangabad, Maharashtra, India
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 :

55 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Industrial Financial Branch, Jaggi’s Building, Kranti Chowk, Aurangabad-431005, 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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Cash Credit
State Bank of India IFB	16.639	1.946
(Secured by hypothication of stock and debtors and second charge on land, building and plant and machinery)
Total	16.639	1.946

Auditors :
Name :	S. B. Jaju and Associated Chartered Accountants
Address :	2, First Floor, Gopinath Chambers, Adalat Road, Auranabad-431005, Maharashtra, India
Tel. No.:	91-240-2332688
Mobile No.:	91-9325132688
E-Mail :	satishjaju@sify.com sbj_associates@yahoo.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAQPJ5314C

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Agro Tech Service

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

2,00,000	Equity Shares	Rs.10/- each	Rs.2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2,00,000	Equity Shares	Rs.10/- each	Rs.2.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	2.000	2.000	2.000
(b) Reserves & Surplus	84.596	74.032	66.352
(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)	86.596	76.032	68.352

(3) Non-Current Liabilities
(a) long-term borrowings	3.675	1.449	3.620
(b) Deferred tax liabilities (Net)	1.205	0.833	0.859
(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)	4.879	2.282	4.479

(4) Current Liabilities
(a) Short term borrowings	16.639	1.946	0.969
(b) Trade payables	8.874	16.977	3.184
(c) Other current liabilities	1.928	1.406	1.566
(d) Short-term provisions	2.403	0.463	1.810
Total Current Liabilities (4)	29.844	20.792	7.529

TOTAL	121.320	99.106	80.360

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.362	7.216	7.242
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.739	8.446	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.275	2.380	1.580
(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	0.840	0.158	0.136
Total Non-Current Assets	23.215	18.200	8.958

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	19.045	23.061	15.230
(c) Trade receivables	60.071	39.683	36.292
(d) Cash and cash equivalents	12.461	13.795	15.995
(e) Short-term loans and advances	6.508	4.132	3.855
(f) Other current assets	0.019	0.235	0.030
Total Current Assets	98.104	80.906	71.402

TOTAL	121.320	99.106	80.360

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
	Income		NA	NA	NA
	Other Income		NA	NA	NA
	TOTAL		NA	NA	NA

Less		TOTAL EXPENSES	NA	NA	NA

	PROFIT/(LOSS) BEFORE TAX		16.072	11.406	13.315

Less	TAX		(67.464)	(62.625)	(51.977)

	PROFIT/(LOSS) AFTER TAX		83.536	74.031	65.292

	Earnings Per Share (Rs.)		4.18	3.70	3.26

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	13.36	12.92	16.90

Return on Investment (ROI) (PBT/Networth)		0.19	0.15	0.19

Debt Equity Ratio (Total Debt /Networth)		0.23	0.04	0.07

Current Ratio (Current Asset/Current Liability)		3.29	3.89	9.48

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.000	2.000	2.000
Reserves & Surplus	66.352	74.032	84.596
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	68.352	76.032	86.596

long-term borrowings	3.620	1.449	3.675
Short term borrowings	0.969	1.946	16.639
Total borrowings	4.589	3.395	20.314
Debt/Equity ratio	0.067	0.045	0.235

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	No
12	Voter Id Card No. of Proprietor / Partners	Yes
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	Yes
26	Turnover of firm for last three years	No
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans From Director	3.675	1.449
Total	3.675	1.449

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10013622	28/03/2014 *	45,500,000.00	State Bank of India	Industrial Finance Branch, Jaggi's Building, Kran ti Chowk, Aurangabad, Maharashtra - 431005, INDIA	C10206993
2	90156335	16/01/1999 *	5,000,000.00	STATE BANK OF INDIA	WALUJ INDL AREA BRANCH, AURANGABAD, Maharashtra, I NDIA	-

FIXED ASSETS

Land
Factory Building
Office Equipment
Plant and Machinery
Furniture and Fixture
Office Building
Electrical Installation
Factory Equipment
Computer System
Vehicle

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.63.62
UK Pound	1	Rs.99.89
Euro	1	Rs.70.77

INFORMATION DETAILS

Information Gathered by :	SUP

Analysis Done by :	KAR

Report Prepared by :	KVT

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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit