MIRA INFORM REPORT

Report No. :	328340
Report Date :	24.06.2015

IDENTIFICATION DETAILS

Name :	NIRMAN FERTILIZERS PRIVATE LIMITED
Registered Office :	Vaishnavi Complex, Opposite M S E B Power House, Akola – 444002, Maharashtra
Tel. No.:	91-724-2456025
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.02.2009
Com. Reg. No.:	11-190110
Capital Investment / Paid-up Capital :	Rs. 3.538 Million
CIN No.: [Company Identification No.]	U24120MH2009PTC190110
IEC No.:	5010001764
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCN949Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Fertilizer.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in the year 2009, it is having a moderate track record. It is engaged in the business of manufacturing of fertilizers. External borrowings of the company seems to be huge during 2014. Profitability of the company also seems to be low. 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.

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 :	Mr. Santosh
Designation :	Marketing Manager
Contact No.:	91-9765563281
Date :	23.06.2015

LOCATIONS

Registered Office :	Vaishnavi Complex, Opposite M S E B Power House, Akola – 444002, Maharashtra, India
Tel. No.:	91-724-2456025
Mobile No.:	91-9765563306 [Mr. Prashant Sawant] 91-9765563281 [Santosh Deshmukh]
Fax No.:	91-724-2456025
E-Mail :	Nirman.group@yahoo.in companyclient007@gmail.com
Website :	http://www.nirmangroup.org
Location :	Owned [Commercial ]
Head Office:	Gaurakshan Road, 1st Floor, Vaishnavi Complex, Akola – 444001, Maharashtra, India
Factory :	Survey No. 681, N.H – 6, Borgoan Manju, Taluka and District Akola - 444001, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Ganesh Rameshwar Deshmukh
Designation :	Director
Address :	AT. Bibidarfal, North Solapur – 413001, Maharashtra, India
Date of Birth/Age :	07.08.1976
Date of Appointment :	04.02.2009
DIN No.:	01782457
Name :	Mr. Vasant Rameshwar Kale
Designation :	Director
Address :	96, GRA, PA, Shalava, Zopadi Patati, Poti Taluka Mangarulapir Washim – 444403, Maharashtra, India
Date of Birth/Age :	01.07.1994
Date of Appointment :	11.12.2009
DIN No.:	02800890

KEY EXECUTIVES

Name :	Mr. Santosh
Designation :	Marketing Manager
Name :	Chirag Chawra and Company
Designation :	Company Secretaries
Address:	Office No. 11A, Mahalaxmi Heights, Besides Keys Hotel, Pune – 411010, Maharashtra, India
Tel No.:	91-20-64100174
Mobile No.:	91-9923794174
Email:	chiragchawra@yahoo.com chiragchawra@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age
Ganesh Rameshwar Deshmukh	17245	48.73
Vasant Rameshwar Kale	18143	51.27
Total	35388	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 Fertilizer.
Products :	Fertilizer
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Not Divulged
Countries :	Dubai
Terms :
Selling :	Cash, Cheque and Credit (30,90 Days)
Purchasing :	Cash, Cheque and Credit (30,90 Days)

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
Maximum Limit Dealt :	Not Divulged
Experience :	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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

40 (Approximately)

Bankers :

Banker Name	Bank of Maharashtra
Branch Address	M G Road Branch, Akola - 444001, 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from Bank of Maharashtra (AP)	9.818	13.880
Term loan from Bank of Maharashtra (Borgaon, Akola)	1.637	6.095
Loan from Nirman Multistate Co-Operative Society	0.000	0.450
Loan from Nirman Multistate Co-Operative Society, Karanja	0.005	1.047
Cholamandalam Finance – MH30-AB-1117	0.226	0.523
Cholamandalam Finance – MH30-AB-1118	0.210	0.490
Cholamandalam Finance – MH30-AB-1132	0.222	0.526
Cholamandalam Finance – MH30-AF-195	0.057	0.224
Magma Fincorp Limited – MH-30AF-1835	0.214	0.415
Magma Fincorp Limited – MH-30AF-809	0.192	0.324
Magma Fincorp Limited – MH-30AF-1157	0.249	0.420
Nirman Multistate Indigo Loan A/C 225/10	0.297	0.402
Tata Motors Limited- MH -30-AA-1397	0.000	0.117
Shriram Finance	0.263	0.473
Nirman Multistate CCS, Karanja	1.150	0.000
SHORT TERM BORROWING
Bank of Maharshtra CC A/c	14.470	14.845
Total	29.010	40.231

Auditors :
Name :	Ramesh Chaudhary and Company Chartered Accountants
Address :	Saurabh Behind Akashwani, Shastri Nagar, Akola – 444001, Maharashtra, India
Tel No.:	91-724-2452246/7/8
Mobile No.:	91-9422160430
PAN N Income-tax PAN of auditor or auditor's firm :	AAOFR1388J
Memberships :	--
Collaborators :	--
Proprietary concern of director :	Mahalaxmi KSK

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35388	Equity Shares	Rs.100/- each	Rs. 3.539 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	3.539	3.539	3.539
(b) Reserves & Surplus	5.836	3.837	2.346
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	1.398
Total Shareholders’ Funds (1) + (2)	9.375	7.376	7.283
(3) Non-Current Liabilities
(a) long-term borrowings	14.540	25.386	10.824
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	14.540	25.386	10.824
(4) Current Liabilities
(a) Short term borrowings	35.946	28.722	13.519
(b) Trade payables	16.814	23.645	18.109
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	9.228	5.266	0.000
Total Current Liabilities (4)	61.988	57.633	31.628
TOTAL	85.903	90.395	49.735
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	41.815	43.225	24.041
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.434	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.137	1.077	0.104
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.870	0.838	0.000
(e) Other Non-current assets	0.000	0.000	0.013
Total Non-Current Assets	44.256	45.140	24.158
(2) Current assets
(a) Current investments	0.815	0.000	3.446
(b) Inventories	9.521	17.933	13.240
(c) Trade receivables	27.690	24.060	7.597
(d) Cash and cash equivalents	3.587	1.803	1.294
(e) Short-term loans and advances	0.000	1.449	0.000
(f) Other current assets	0.034	0.010	0.000
Total Current Assets	41.647	45.255	25.577
TOTAL	85.903	90.395	49.735

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	242.470	164.958	74.202
	Other Income
	TOTAL	242.470	164.958	74.202
				72.524 (Including depreciation )
Less	EXPENSES	232.640	157.194
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	9.830	7.764
Less/ Add	DEPRECIATION/ AMORTISATION	6.349	4.944
	PROFIT/ (LOSS) BEFORE TAX	3.481	2.820	1.678
Less	TAX	1.470	0.699	0.000
	PROFIT/ (LOSS) AFTER TAX	2.011	2.121	1.678
	Earnings / (Loss) Per Share (Rs.)	56.83	59.94	47.42

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.13	3.16	3.38
Return on Investment (ROI) (PBT/Networth)		0.37	0.38	0.23
Debt Equity Ratio (Total Debt /Networth)		5.39	7.34	3.34
Current Ratio (Current Asset/Current Liability)		0.67	0.79	0.81

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	3.539	3.539	3.539
Reserves & Surplus	2.346	3.837	5.836
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	1.398	0.000	0.000
Net worth	7.283	7.376	9.375
long-term borrowings	10.824	25.386	14.540
Short term borrowings	13.519	28.722	35.946
Total borrowings	24.343	54.108	50.486
Debt/Equity ratio	3.342	7.336	5.385

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	74.202	164.958	242.470
		122.309	46.989

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	74.202	164.958	242.470
Profit	1.678	2.121	2.011
	2.26%	1.29%	0.83%

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)	Yes
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 three 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	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

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWING
Nirman Multistate Co-Operative Society CC A/c	20.228	13.877
Other loans and advances	1.248	0.000
Total	21.476	13.877

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10567647	20/04/2015 *	49,898,000.00	AXIS BANK LIMITED	KHATRI HOUSE, AMANKHA PLOT ROAD, AKOLA, MAHARASHT RA - 444001, INDIA	C52971835

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment

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.63.64
UK Pound	1	Rs.100.41
Euro	1	Rs.71.63

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	RAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--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	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		28

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.