MIRA INFORM REPORT

Report No. :	311534
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	ANKUR FERTILIZERS PRIVATE LIMITED
Registered Office :	3rd, Budhana Road, Muzaffarnagar – 251002, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.03.1984
Com. Reg. No.:	20-006468
Capital Investment / Paid-up Capital :	Rs.1.471 Million
CIN No.: [Company Identification No.]	U24122UP1984PTC006468
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MRTA00862B
PAN No.: [Permanent Account No.]	AABCA2207M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

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 fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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.

LOCATION

Registered Office :	3rd, Budhana Road, Muzaffarnagar – 251002, Uttar Pradesh, India
Tel. No.:	91-131-2451552 / 2451553
Fax No.:	91-131-2451554
E-Mail :	guptatayal.ca@gmail.com dhrmendravats@gmail.com rsbansal@mhcare.in
Website :	http://ankurchem.com
Factory :	Located At Muzaffarnagar, Uttar Pradesh, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Harish Kumar Mittal

Designation :

Director

Address :

214, 21st Floor, NCPA Apartments, Nariman Point, Mumbai - 400021, Maharashtra, India

Date of Birth/Age :

19.02.1949

Date of Appointment :

14.03.1984

DIN No.:

00007690

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	U24122UP1984PTC006468	ANKUR FERTILIZERS PRIVATE LIMITED	Director	14/03/1984	14/03/1984	-	Active	NO
2	L63090MH1983PLC031418	Mercator Limited	Managing director	01/08/2013	01/08/1992	-	Active	NO
3	U65990MH2005PTC153632	AHM INVESTMENTS PRIVATE LIMITED	Director	31/05/2005	31/05/2005	-	Active	NO
4	U63033MH2005PLC154014	Mercator Oil & Gas Limited	Director	16/06/2005	16/06/2005	-	Active	NO
5	U93090MH2006PLC165568	Mercator Mechmarine Limited	Director	15/11/2006	15/11/2006	-	Strike off	NO
6	U11102MH2007PLC170562	MERCATOR PETROLEUM LIMITED	Director	04/05/2007	04/05/2007	-	Active	NO
7	U35110MH1997PLC111343	VAITARNA MARINE INFRASTRUCTURE LIMITED	Director	30/09/2008	14/03/2008	-	Active	NO
8	U80900PN2009NPL134007	MAC MARITIME TRAINING AND RESEARCH INSTITUTE	Director	21/05/2009	21/05/2009	-	Active	NO
9	U11100MH2011PTC223593	MERCATOR FPSO PRIVATE LIMITED	Director	02/11/2011	02/11/2011	-	Active	NO

Name :

Mrs. Archana Mittal

Designation :

Director

Address :

214, 21st Floor, NCPA Apartments, Nariman Point, Mumbai - 400021, Maharashtra, India

Date of Birth/Age :

16.11.1954

Date of Appointment :

14.03.1984

DIN No.:

00007972

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	U24122UP1984PTC006468	ANKUR FERTILIZERS PRIVATE LIMITED	Director	14/03/1984	14/03/1984	-	Active	NO
2	U73100MH2000PLC125212	MHL HEALTHCARE LIMITED	Managing director	07/05/2013	12/12/2002	-	Active	NO
3	U63090MH2003PTC142032	MLL LOGISTICS PRIVATE LIMITED	Director	04/09/2003	04/09/2003	-	Active	NO
4	U65990MH2005PTC153632	AHM INVESTMENTS PRIVATE LIMITED	Director	31/05/2005	31/05/2005	-	Active	NO
5	U63033MH2005PLC154014	Mercator Oil & Gas Limited	Director	16/06/2005	16/06/2005	27/02/2012	Active	NO
6	U93090MH2006PLC165568	Mercator Mechmarine Limited	Director	15/11/2006	15/11/2006	-	Strike off	NO
7	U11102MH2007PLC170562	MERCATOR PETROLEUM LIMITED	Director	04/05/2007	04/05/2007	21/05/2009	Active	NO
8	U51109MH2009PTC195418	OORJA RESOURCES INDIA PRIVATE LIMITED	Director	01/09/2009	01/09/2009	-	Active	NO
9	U35110MH1997PLC111343	VAITARNA MARINE INFRASTRUCTURE LIMITED	Director	30/09/2009	16/09/2009	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Archana Mittal	500	0.34
Harish Kumar Mittal	91240	62.01
Shalah Mittal	55400	37.65
Total	147140	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 Chemicals.
Products :	Chemicals
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Divulged
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS (As on 31.03.2014)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Sulphuric Acid	MT	NA	33000	27504

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available
Remark :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available
Remark :	Not Available

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Term loan from HDFC Bank Limited (Amount outstanding beyond next 12 months)	0.000	0.535
Vehicle loan from HDFC Bank Limited (Amount outstanding beyond next 12 months)	1.640	0.000
SHORT TERM BORROWINGS
Term loan from HDFC Bank Limited (Amount outstanding beyond next 12 months)	0.535	0.480
Vehicle loan from HDFC Bank Limited (Amount outstanding beyond next 12 months)	0.484	0.000
Total	2.659	1.015

Auditors :
Name :	Gupta Tayal and Associates Chartered Accountants
Address :	31/50,South Civil Lines Siddharth Colony, Muzaffarnagar – 251001, Uttar Pradesh, India
PAN No.:	AAFFG2989M
Memberships :	--
Collaborators :	--
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
147140	Equity Shares	Rs.10/- each	Rs.1.471 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	1.471	1.471	1.471
(b) Reserves & Surplus	77.900	69.402	54.407
(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)	79.371	70.873	55.878
(3) Non-Current Liabilities
(a) long-term borrowings	1.640	0.535	7.865
(b) Deferred tax liabilities (Net)	0.265	0.324	0.495
(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)	1.905	0.859	8.360
(4) Current Liabilities
(a) Short term borrowings	1.019	0.480	0.430
(b) Trade payables	4.894	3.023	1.681
(c) Other current liabilities	0.010	0.025	0.006
(d) Short-term provisions	4.952	7.450	0.804
Total Current Liabilities (4)	10.875	10.978	2.921
TOTAL	92.151	82.710	67.159
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.368	14.334	14.274
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.048	0.048	0.048
(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	0.000	0.000	0.000
Total Non-Current Assets	15.416	14.382	14.322
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16.611	7.797	18.120
(c) Trade receivables	26.076	27.426	19.706
(d) Cash and cash equivalents	6.234	4.186	4.806
(e) Short-term loans and advances	24.210	26.026	3.573
(f) Other current assets	3.604	2.893	6.632
Total Current Assets	76.735	68.328	52.837
TOTAL	92.151	82.710	67.159

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	110.940	158.221	142.030
		Other Income	4.370	6.214	3.237
		TOTAL (A)	115.310	164.435	145.267
Less	EXPENSES
		Cost of Materials Consumed	73.487	110.212	119.178
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	7.664	6.404	5.072
		Employee Benefits Expenses	(3.968)	0.174	1.025
		Other Expenses	22.349	23.065	15.881
		TOTAL (B)	99.532	139.855	141.156
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.778	24.580	4.111
Less	FINANCIAL EXPENSES (D)		0.700	0.223	0.189
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.078	24.357	3.922
Less	DEPRECIATION/ AMORTISATION (F)		2.001	2.109	2.866
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		13.077	22.248	1.056
Less	TAX (H)		4.579	7.253	0.940
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		8.498	14.995	0.116
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		64.370	49.375	49.259
	BALANCE CARRIED TO THE B/S		72.868	64.370	49.375
	Earnings / (Loss) Per Share (Rs.)		57.75	101.91	0.79

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	7.66	9.48	0.08
Operating Profit Margin (PBDIT/Sales)	(%)	14.22	15.54	2.89
Return on Total Assets (PBT/Total Assets}	(%)	14.20	26.91	1.57
Return on Investment (ROI) (PBT/Networth)		0.16	0.31	0.02
Debt Equity Ratio (Total Debt /Networth)		0.03	0.01	0.15
Current Ratio (Current Asset/Current Liability)		7.06	6.22	18.09

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	1.471	1.471	1.471
Reserves & Surplus	54.407	69.402	77.900
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	55.878	70.873	79.371
Long Term borrowings	7.865	0.535	1.640
Short Term borrowings	0.430	0.480	1.019
Total borrowings	8.295	1.015	2.659
Debt/Equity ratio	0.148	0.014	0.034

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
Sales	142.030	158.221	110.940
		11.400	-29.883

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	142.030	158.221	110.940
Profit	0.116	14.995	8.498
	0.08%	9.48%	7.66%

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	No
18]	Major customers	No
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 CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90274305	20/04/1993	1,340,000.00	U.P. Financial Corp.	14/88; Civil Lines, Kanpur, Uttar Pradesh, India	-

*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.62.74
UK Pound	1	Rs.94.60
Euro	1	Rs.67.10

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	VNT

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		48

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.