MIRA INFORM REPORT

Report No. :	312942
Report Date :	19.03.2015

IDENTIFICATION DETAILS

Name :	TRANSWORLD FURTICHEM PRIVATE LIMITED
Registered Office :	Office No. 1801, The Affaires, Plot No. 9, Sector 17, Sanpada, Navi Mumbai – 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.09.2004
Com. Reg. No.:	11-148832
Capital Investment / Paid-up Capital :	Rs.65.616 Million
CIN No.: [Company Identification No.]	U51497MH2004PTC148832
TIN No.:	Not Available
IEC No.:	Not Available
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 :	Manufacture, import, export and resale of fertilizers, chemicals and agrochem.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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 is an established company having moderate track record. As per ROC the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to the financial for the year 2014 are not available from any sources. Mr. Shrikant from accounts department denied to part any information about the company. As per available balance sheet statement of 2013, the general financial position of the company seems to be fair. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution. Note: Profit and loss account for the year 2013 is not available.

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

Rating Agency Name	CRISIL
Rating	Term Loan = BB
Rating Explanation	Moderate risk of default.
Date	29.10.2013

Rating Agency Name	CRISIL
Rating	Letter of Credit = A4+
Rating Explanation	Minimal degree of safe. It carry very high credit risk.
Date	29.10.2013

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 DENIED BY

Name :	Mr. Shrikant
Designation :	Accounts Department
Contact No.:	91-22-27813100
Date :	18.03.2015

LOCATIONS

Registered Office :	Office No. 1801, The Affaires, Plot No. 9, Sector 17, Sanpada, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-27813100
Fax No.:	91-22-27815207
E-Mail :	mumbai@transfurt.com Info@transfurt.com
Website :	http://www.transfurt.com
Unit 1 :	Plot No. 353 and 367, Sector - 4, Kandla Special Economic Zone, Gandhidham, Kutch – 370230, Gujarat, India
Unit 2 :	Plot No. 39/1 and 39/2, MIDC Industrial Area, Dhatav, Roha, Raiga – 402109, Maharashtra, Inida

DIRECTORS

As on 30.09.2014

Name :

Mr. Dilip Kumar Sundarlal Gadia

Designation :

Director

Address :

236, Ashok Nagar Road, No. 16, Udaipur – 313703, Rajasthan, India

Date of Birth/Age :

08.04.1956

Date of Appointment :

01.12.2005

PAN No.:

AAQPG7419M

DIN No.:

00484431

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	U51497MH2004PTC148832	TRANSWORLD FURTICHEM PRIVATE LIMITED	Director	01/12/2005	01/12/2005	-	Active	NO
2	U74950MH2005PTC158033	TRANS AGRO INDIA PRIVATE LIMITED	Director	14/12/2005	14/12/2005	-	Active	NO
3	U55101MH2007PTC173892	SANA HOSPITALITY SERVICES PRIVATE LIMITED	Director	30/09/2009	07/09/2007	29/01/2015	Active	NO

Name :

Mr. Ajit Singh Rathore

Designation :

Director

Address :

F/202, Bhawani Apartment, New Sama Road, Vadodara – 390008, Gujarat, India

Date of Birth/Age :

01.04.1976

Date of Appointment :

20.11.2006

DIN No.:

01084114

Name :

Bhakta Bandhu Mohanty

Designation :

Additional Director

Address :

2-J-18, Prabhat Nagar,Sector-5, Hiran Magri, Udaipur - 313001, Rajasthan, India

Date of Appointment :

22.05.2014

DIN No.:

00760834

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	U24124RJ1978PLC001807	LIBERTY PESTICIDES AND FERTILIZERS LIMITED	Director	23/04/2002	23/04/2002	11/01/2013	Active	NO
2	U24211AP1983PLC090741	LIBERTY URVARAK LIMITED	Director	21/11/2006	21/11/2006	10/01/2013	Amalgamated	NO
3	U24232RJ2009PLC030522	BLUE PHOSPHATE LIMITED	Director	18/12/2009	18/12/2009	10/01/2013	Active	NO
4	U51497MH2004PTC148832	TRANSWORLD FURTICHEM PRIVATE LIMITED	Additional director	22/05/2014	22/05/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shrikant
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Dilip Kumar Sundarlal Gadia	5000
Ajit Singh Rathore	103750
Abdul Gani Sarfaraz Yusuf Dhanani	274327
Blue Deebaj Chemicals LLC, UAE	3841652
Nasreeny Dhanani	629440
Sana Y Dhanani	805691
Sana Hospitality Services Private Limited, India	2200641
Total	7860501

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	48.87
Bodies corporate	28.00
Directors or relatives of Directors	23.13
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture, import, export and resale of fertilizers, chemicals and agrochem.

Products :

Product Description	Item Code No. (ITC Code)
Potassium Sulphate	31039000
NPK	31039000

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – (As on 31.03.2012)

Particulars	Installed Capacity	Actual Production
NPK Granulated Fertilizer	150000.000	66719.450
Sulphuric Acid	75900.000	17067.547
Oleum	14850.000	380.455
Potassium Sulphate (SOP)	49500.000	12193.980
Hydrochloric Acid	63855.000	14301.542

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 :

Information denied by management

Bankers :

State Bank of India, Commercial Branch, NGN Vaidya Marg, Near Horniman Circle,, Mumbai - 400001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
LONG TERM BORROWINGS
Rupee term loans from banks	41.639	142.788
Long-term maturities of finance lease obligations	2.127	6.612
SHORT TERM BORROWINGS
Working capital loans from banks	262.969	226.909
Loans repayable on demand from banks	0.086	0.038
Other loans and advances, others	69.798	137.015
Total	376.619	513.362

Auditors :
Name :	Sundaram seshan and Associates Chartered Accountants
Address :	305,Vardhaman, Chambers, Sector-17, Vashi, Mumbai, Maharashtra, India
PAN No.:	ABPFS0747L
Memberships :	--
Collaborators :	--
Associate :	Creative Free Trade Warehousing Private Limited CIN No.: U74999DL2009PTC190825 Sana Hospitality Services Private Limited CIN No.: U55101MH2007PTC173892 Trans Agro India Private Limited CIN No.: U74950MH2005PTC158033 Neon Engineering and Mineral Co Blue Deebaj Chemical LLC Blue Deebaj FZCO

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7860501	Equity Shares	Rs.10/- each	Rs.78.605 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	78.605	65.616	53.717
(b) Reserves & Surplus	1,391.393	1,003.983	753.413
(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)	1,469.998	1,069.599	807.130
(3) Non-Current Liabilities
(a) long-term borrowings	43.766	149.400	216.854
(b) Deferred tax liabilities (Net)	21.296	7.391	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.842	0.000	0.000
Total Non-current Liabilities (3)	73.904	156.791	216.854
(4) Current Liabilities
(a) Short term borrowings	332.853	363.962	306.971
(b) Trade payables	1,203.674	1,479.386	287.496
(c) Other current liabilities	114.992	125.566	214.228
(d) Short-term provisions	20.616	34.293	17.632
Total Current Liabilities (4)	1,672.135	2,003.207	826.327
TOTAL	3,216.037	3,229.597	1,850.311
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	876.853	823.128	791.934
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	45.953	61.316	41.479
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	77.399	57.399	57.399
(c) Deferred tax assets (net)	0.000	0.000	13.263
(d) Long-term Loan and Advances	53.384	51.621	45.464
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1,053.589	993.464	949.539
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	950.941	979.959	519.084
(c) Trade receivables	718.221	1,064.162	189.013
(d) Cash and cash equivalents	115.755	81.483	140.235
(e) Short-term loans and advances	364.737	97.652	49.096
(f) Other current assets	12.794	12.877	3.344
Total Current Assets	2,162.448	2,236.133	900.772
TOTAL	3,216.037	3,229.597	1,850.311

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011
	SALES
		Income		2292.666	1351.910
		Other Income		11.587	40.325
		TOTAL		2304.254	1392.235
Less	EXPENSES
		TOTAL		2130.336	1295.765
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			173.918	96.470
Less	FINANCIAL EXPENSES			48.416	(61.824)
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			125.502	158.294
Less	DEPRECIATION/ AMORTISATION			39.906	(28.463)
	PROFIT BEFORE EXCEPTION ITEMS AND TAX			85.596	186.575
	EXCEPTIONAL ITEM			0.000	(46.425)
	PROFIT/(LOSS) BEFORE TAX			85.596	(40.242)
Less	TAX			20.654	(18.853)
	PROFIT/(LOSS) AFTER TAX			64.942	(21.389)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			699.796	721.186
	BALANCE CARRIED TO THE B/S			764.738	699.797
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports		1768.441	611.170
	TOTAL EARNINGS			1768.441	611.170
	IMPORTS
			Raw Materials	1677.069	238.851
			Traded Goods	276.040	487.496
	TOTAL IMPORTS			1953.109	726.347
	Earnings / (Loss) Per Share (Rs.)			9.90	NA

Note: Profit and loss account for the year 2013 is not available.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	NA	2.83	(1.58)
Operating Profit Margin (PBDIT/Sales)	(%)	NA	7.59	7.14
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.75	(2.32)
Return on Investment (ROI) (PBT/Networth)		NA	0.08	(0.05)
Debt Equity Ratio (Total Debt /Networth)		0.26	0.48	0.65
Current Ratio (Current Asset/Current Liability)		1.29	1.12	1.09

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	53.717	65.616	78.605
Reserves & Surplus	753.413	1003.983	1391.393
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	807.130	1069.599	1469.998
Long Term borrowings	216.854	149.400	43.766
Short Term borrowings	306.971	363.962	332.853
Total borrowings	523.825	513.362	376.619
Debt/Equity ratio	0.649	0.480	0.256

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	Yes
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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CORPORATE INFORMATION

The company is a private company incorporated under the provisions of Companies Act, 1956 on 27^th September, 2004 having registered office in Navi Mumbai. The Company was incorporated with main object to carry on the business of Manufacturers, import, export and resale of fertilizers, chemicals and agrochem.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10536073	17/09/2014	1,150,000,000.00	State Bank Of India	Commercial Branch, NGN Vaidya Marg, Near Horniman Cirlce, Fort, Mumbai, Maharashtra - 400001, India	C36654606
2	10524152	12/09/2014	1,150,000,000.00	State Bank Of India	Commercial Branch, NGN Vaidya Marg, Near Horniman Cirlce, Fort, Mumbai, Maharashtra - 400001, India	C26168393
3	10519720	05/07/2014	1,150,000,000.00	State Bank Of India	Commercial Branch, NGN Vaidya Marg, Near Horniman Cirlce, Fort, Mumbai, Maharashtra - 400001, India	C20272423
4	10493393	25/03/2014	500,000,000.00	IDBI Bank Limited	Plot No. C-7, G Block, BKC, Opp. To Nse Bldg, Bandra East, Mumbai, Maharashtra - 400051, India	C04146759
5	10195615	31/03/2010 *	1,150,000,000.00	State Bank Of India	Commercial Branch, NGN Vaidya Marg,, Near Horniman Circle,, Mumbai, Maharashtra - 400001, India	A83639575

*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.62.67
UK Pound	1	Rs.92.46
Euro	1	Rs.66.34

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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		30

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.