MIRA INFORM REPORT

Report No. :	326361
Report Date :	09.06.2015

IDENTIFICATION DETAILS

Name :	DIVYARATNA AGROTECH PRIVATE LIMITED

Registered Office :	A/325, TTC Industrial Area, MIDC, Mahape, Navi Mumbai – 400701, Maharashtra
Tel. No.:	91-22-61317500 / 27654062

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	21.03.2000

Com. Reg. No.:	11-125076

Capital Investment / Paid-up Capital :	Rs.70.000 Million

CIN No.: [Company Identification No.]	U51101MH2000PTC125076

TIN No.:	Not Available

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	MUMD06867A

PAN No.: [Permanent Account No.]	AABCD2658R

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing of Chemicals.

No. of Employees :	22 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 230000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company incorporated in the year 2000, having moderate track record. It is engaged in the business of trading of industrial chemicals and solvents. Reserves and profitability of the company seems to be low during 2014. The rating also takes into consideration the highly competitive chemicals trading industry. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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	CARE
Rating	Long term bank facilities BB-
Rating Explanation	Have inadequate credit quality and carry high credit risk.
Date	17.09.2014

Rating Agency Name	CARE
Rating	Short term bank facilities A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	17.09.2014

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

Name :	Mr. Amit
Designation :	Accounts Department
Contact No.:	91-22-61317500
Date :	06.06.2015

LOCATIONS

Registered Office :	A/325, TTC Industrial Area, MIDC, Mahape, Navi Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-61317500 / 27654062
Fax No.:	91-22-27780135 / 27801853
E-Mail :	divyaratna.agrotech@gmail.com info@desmoexports.com infor@divyaratnaglobal.com
Website :	http://www.desmoexports.com http://www.divyaratnaglobal.com

Head Office / Administrative Office / Corporate Office :	125, Arenja Arcade, Sector – 17, Vashi, Navi Mumbai - 400703, Maharashtra, India
Tel. No.:	91-22-27654062 / 41294129
Fax No.:	91-22-27801853
E-Mail :	sales@desmoexports.com

Warehouse :	Jai Shreeram Complex, Dapada Village, Bhiwandi, District Thane – 421002, Maharashtra, India

Branch Offices :	Located At · Ahmedabad · Delhi

DIRECTORS

As on 30.09.2014

Name :

Mrs. Rachna Dilip Jindal

Designation :

Director

Address :

J-21, Row House No.5, Sector 6, Vashi, Navi Mumbai – 400705, Maharashtra, India

Date of Appointment :

22.12.2007

PAN No.:

ADBPJ8258R

DIN No.:

00632366

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	U64100MH1986PTC041768	SPECTRUM COMMUNICATION PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
2	U70101WB1991PTC051429	MANGAL JYOTI NIKET PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Not Available for eFiling	NO
3	U70101MH1991PTC148731	MANGALJYOTI NIKET PRIVATE LIMITED	Director	14/02/2001	14/02/2001	-	Active	NO
4	U65990MH1994PTC080773	DESMO CAPITAL AND FINANCE PRIVATE LIMITED	Director	12/10/2003	12/10/2003	-	Active	NO
5	U51397MH1993PLC070652	DESMO EXPORTS LIMITED	Director	07/07/2007	07/07/2007	-	Active	NO
6	U51101MH2000PTC125076	DIVYARATNA AGROTECH PRIVATE LIMITED	Director	22/12/2007	22/12/2007	-	Active	NO

Name :

Mr. Dilipkumar Mishrilal Jindal

Designation :

Director

Address :

J-21, Row House No.5, Sector 6, Vashi, Navi Mumbai – 400705, Maharashtra, India

Date of Appointment :

22.12.2007

PAN No.:

AABPJ7644N

DIN No.:

01093009

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	U70101WB1991PTC051429	MANGAL JYOTI NIKET PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Not Available for eFiling	NO
2	U64100MH1986PTC041768	SPECTRUM COMMUNICATION PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
3	U70101MH1991PTC148731	MANGALJYOTI NIKET PRIVATE LIMITED	Director	14/02/2001	14/02/2001	-	Active	NO
4	U51397MH1993PLC070652	DESMO EXPORTS LIMITED	Managing director	31/08/2011	09/08/2002	-	Active	NO
5	U65990MH1994PTC080773	DESMO CAPITAL AND FINANCE PRIVATE LIMITED	Director	12/03/2003	12/03/2003	-	Active	NO
6	U24110MH2000PTC127401	AINA CHEM PRIVATE LIMITED	Director	26/05/2003	26/05/2003	12/03/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Amit
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Dilipkumar Mishrilal Jindal	6600000	94.29
Rachna Dilip Jindal	400000	5.71
Total	7000000	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 :

Manufacturing of Chemicals.

Products :

Products Descriptions	ITC Code
Basic Organics Chemicals	99611712

Brand Names :

Agencies Held :

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit (60/90 Days)

Purchasing :

Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

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
Remark :	Not Divulged

Customers :

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
Remark :	Not Divulged

No. of Employees :

22 (Approximately)

Bankers :

Bank Name	ICICI Bank Limited
Branch	Landmark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, 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

IDBI Bank Limted, City SME Centre, IDBI Bank Building, 2^nd Floor, Sector – 11, CBD Belapur, Navi Mumbai – 400 614, Maharashtra, India
Andhra Bank, Persepolis, Vashi, Navi Mumbai, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Rupee term loan from bank	0.815	3.144
Short Term Borrowings
Term loans from banks	170.177	157.657

Total	170.992	160.801


Auditors :
Name :	Chaplot and Company Chartered Accountants
Address :	105, Shreeji Arcade, Above HDFC Bank, Tilak Road, Dombivli (East), Thane – 421201, Maharashtra, India
Tel. No.:	91-251-2420718
E-Mail :	chaplotandco@gmail.com
PAN No.:	AAMPC9697D

Memberships :	--

Collaborators :	--

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Desmo Exports Limited CIN No.: U51397MH1993PLC070652

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

7000000	Equity Shares	Rs.10/- each	Rs.70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

7000000	Equity Shares	Rs.10/- each	Rs.70.000 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	70.000	70.000	50.000
(b) Reserves & Surplus	8.989	3.667	(2.647)
(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)	78.989	73.667	47.353

(3) Non-Current Liabilities
(a) long-term borrowings	20.815	3.144	0.000
(b) Deferred tax liabilities (Net)	0.243	0.268	0.268
(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)	21.058	3.412	0.268

(4) Current Liabilities
(a) Short term borrowings	170.177	157.657	139.487
(b) Trade payables	115.433	215.051	90.472
(c) Other current liabilities	19.905	21.931	5.298
(d) Short-term provisions	1.396	0.717	0.004
Total Current Liabilities (4)	306.911	395.356	235.261

TOTAL	406.958	472.435	282.882

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.148	23.870	19.236
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	19.071	17.960	15.322
(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)	0.197	0.662	0.581
(d) Long-term Loan and Advances	0.799	0.312	0.145
(e) Other Non-current assets	0.098	0.179	0.147
Total Non-Current Assets	42.313	42.983	35.431

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	101.534	88.542	48.694
(c) Trade receivables	148.521	281.864	137.386
(d) Cash and cash equivalents	37.070	26.037	19.100
(e) Short-term loans and advances	75.463	32.468	41.191
(f) Other current assets	2.057	0.541	1.080
Total Current Assets	364.645	429.452	247.451

TOTAL	406.958	472.435	282.882

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income			NA
		Other Income			NA
		TOTAL	1290.684	964.580	NA

Less	EXPENSES
		TOTAL	1282.370	956.847	NA

	PROFIT/(LOSS) BEFORE TAX		8.314	7.733	4.779

Less	TAX		2.993	1.419	NA

	PROFIT/(LOSS) AFTER TAX		5.321	6.314	NA

	Earnings Per Share (Rs.)		0.76	0.90	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

12.927

15.941

0.146

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.41	0.65	NA

Return on Total Assets (PBT/Total Assets}	(%)	2.14	1.70	1.79

Return on Investment (ROI) (PBT/Networth)		0.11	0.10	0.10

Debt Equity Ratio (Total Debt /Networth)		2.58	2.40	2.95

Current Ratio (Current Asset/Current Liability)		1.19	1.09	1.05

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	50.000	70.000	70.000
Reserves & Surplus	(2.647)	3.667	8.989
Net worth	47.353	73.667	78.989

long-term borrowings	0.000	3.144	20.815
Short term borrowings	139.487	157.657	170.177
Current maturities of long-term debts	0.146	15.941	12.927
Total borrowings	139.633	176.742	203.919
Debt/Equity ratio	2.949	2.399	2.582

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	964.580	1290.684
		33.808

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	964.580	1290.684
Profit	6.314	5.321
	0.65%	0.41%

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	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
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 two years	Yes
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	Yes
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 LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Loans and advances from directors	20.000	0.000

Total	20.000	0.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10414114	08/03/2013	135,000,000.00	Bank of Baroda	Colaba Branch, Esperanca Building,, Shahid Bhagat Singh Road, Colaba,, Mumbai, Maharashtra - 400039 , India	B71551592
2	10302712	27/09/2013 *	200,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B85727162

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.64.11
UK Pound	1	Rs.97.84
Euro	1	Rs.71.12

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	RSM

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO

TOTAL		26

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

· Ahmedabad

· Delhi

Unit