MIRA INFORM REPORT

Report No. :	313184
Report Date :	24.03.2015

IDENTIFICATION DETAILS

Name :	SHIVAM AGROPROCESS PRIVATE LIMITED
Registered Office :	Shivam Sales Corporation, Opp.Gayatri Mandir, National Highway, Palanpur – 385001, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.03.2007
Com. Reg. No.:	04-050291
Capital Investment / Paid-up Capital :	Rs. 27.150 Million
CIN No.: [Company Identification No.]	U01549GJ2007PTC050291
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMS13963F
PAN No.: [Permanent Account No.]	ABHFS9855M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of Refind castor oil, Commercial castor oil etc.
No. of Employees :	125 (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

Maximum Credit Limit :	USD 230000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Profitability of the company seems to be low during 2014. However, trade relations are reported as fair. Business is active. Payment terms are reported 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 – 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	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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Samir Patel
Designation :	Director Export
Contact No.:	91-9426444560
Date :	20.03.2015

LOCATIONS

Registered Office :	Shivam Sales Corporation, Opp.Gayatri Mandir, National Highway, Palanpur – 385001, Gujarat, India
Tel. No.:	91-2742-256335
Mobile No.:	91-9426444560 (Mr. Samir)
Fax No.:	91-2742-252808
E-Mail :	Info@shivammagro.com info@vbaassociates.com
Website :	http://www.shivamagro.com
Area :	1 Lakh Sq. ft.
Location :	Owned
Factory 2 :	NH-14, Abu Highway, Near RTO Check Post, Behind Gayatri Mandir, Palanpur-385001, Gujarat, India
Tel. No.:	91-2742-252808
Fax No.:	91-2742-252808
Area :	2 Lakhs Sq. ft.
Location :	Owned

DIRECTORS

As on : 30.09.2014

Name :

Mr. Shivrambhai Ishwarlal Patel

Designation :

Director

Address :

C/o, Shivam Sales Corporation, Abu Highway, Palanpur-385001, Banaskantha, Gujarat, India

Date of Birth/Age :

05.10.1949

Date of Appointment :

19.03.2007

DIN No.:

02521149

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	U65910GJ1993PTC020018	SHIVAM FINLEASE PRIVATE LIMITED	Director	17/08/1993	17/08/1993	-	Active	NO
2	U01549GJ2007PTC050291	SHIVAM AGROPROCESS PRIVATE LIMITED	Director	19/03/2007	19/03/2007	-	Active	NO
3	U45202GJ2007PTC049871	PALANPUR REALITY DEVELOPERS PRIVATE LIMITED	Director	24/04/2012	24/04/2012	-	Active	NO
4	U45200GJ2012PTC070534	SHREE GREEN DEVELOPMENT PRIVATE LIMITED	Director	30/05/2012	30/05/2012	-	Active	NO

Name :

Mr. Amruthbahi Ishwarlal Patel

Designation :

Director

Address :

Mahesh Sales Corporation, Dessa Highway, Palanpur-385001, Gujarat, India

Date of Birth/Age :

01.06.1960

Qualification :

B.Com

Date of Appointment :

19.03.2007

DIN No.:

01561075

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	U65910GJ1993PTC020018	SHIVAM FINLEASE PRIVATE LIMITED	Director	17/08/1993	17/08/1993	-	Active	NO
2	U01549GJ2007PTC050291	SHIVAM AGROPROCESS PRIVATE LIMITED	Director	19/03/2007	19/03/2007	-	Active	NO

Name :

Mr. Maheshkumar Shivrambhai Patel

Designation :

Director

Address :

C/o, Shivam Sales Corporation, Highway, Palanpur, Banaskantha-385001, Gujarat, India

Date of Birth/Age :

41 years

Qualification :

B.com

Date of Appointment :

19.03.2007

DIN No.:

01561191

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	U65910GJ1993PTC020018	SHIVAM FINLEASE PRIVATE LIMITED	Director	17/08/1993	17/08/1993	-	Active	NO
2	U01549GJ2007PTC050291	SHIVAM AGROPROCESS PRIVATE LIMITED	Director	19/03/2007	19/03/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders	No. of Shares	%age
Shivrambhai Ishwarbhai Patel	979650	36.08
Maheshbhai Shivrambhai Patel	262500	9.67
Amrutbhai Ishwarlal Patel	142500	5.25
Agrawal Manojkumar Babulal	332588	12.25
Rajeshkumar Agrawal Babulal	332587	12.25
Samir Vijaybhai Patel	332588	12.25
Jigar Ishwarbhai Patel	332587	12.25
Total	2715000	100.00

As on : 30.09.2014

Names of Allotments	No. of Shares
Shivrambhai Ishwarbhai Patel (PAN No.:AEIPP9910H)	364650
Manojkumar Babulal Agrawal (PAN No.: ABKPA6466F)	87588
Rajeshkumar Babulal Agrawal (PAN No.: ABKPA6467E)	87587
Samir Vijaybhai Patel (PAN No.: ANRPP2320E)	87588
Jigar Ishwarbhai Pater (PAN No.: AUTPP0444Q)	87587
Total	2715000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Exporter of Refind castor oil, Commercial castor oil etc.
Products :	Refind castor oil Commercial castor oil Cold Pressed Castor oil Hydrogenated Castor Oil Pale Pressed Castor Oil Castro oil
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Refind, Commercial castor oil
Countries :	China Europe USA
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference 1 :	Pyratrade Limited - Palanpur
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Reference 2 :	Synco Industries Limited - Palanpur

Customers :

Wholesalers and Retailers

Reference 1 :	J. K. oil Industries - Palanpur
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Reference 2 :	Jai Industries Private Limited - Gujarat

No. of Employees :

125 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Gurunank Chowk Branch, Palanpur – 385001, 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)	CC = Rs. 30.000 Million
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	14.501	21.469
Total	14.501	21.469

Auditors :
Name :	Bharat V. Shah and Company Chartered Accountants
Address :	F – 10/11, Tirupati Plaza, Dethali Char, Rasta, Sidhpur
PAN No.:	ALUPS8567P
Financial Institution:	The Mehsana Urban Cooperative Bank Limited
Address :	Palanpur Branch, Puja Chambers, Girdhar Patel marg, Palanpur – 385001, Gujarat, India
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2715000	Equity Shares	Rs.10/- each	Rs.27.150 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	27.150	20.000	20.000
(b) Reserves & Surplus	53.766	32.699	30.114
(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)	80.916	52.699	50.114
(3) Non-Current Liabilities
(a) long-term borrowings	14.501	21.469	30.350
(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)	14.501	21.469	30.350
(4) Current Liabilities
(a) Short term borrowings	250.001	249.814	124.139
(b) Trade payables	49.769	15.861	19.425
(c) Other current liabilities	3.529	4.112	1.276
(d) Short-term provisions	2.844	1.408	0.357
Total Current Liabilities (4)	306.143	271.195	145.197
TOTAL	401.560	345.363	225.661
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.556	57.706	56.907
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.925	1.925	1.925
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	57.481	59.631	58.832
(2) Current assets
(a) Current investments	0.000	1.500	0.000
(b) Inventories	186.557	176.391	78.197
(c) Trade receivables	113.736	73.242	73.886
(d) Cash and cash equivalents	1.277	1.369	0.834
(e) Short-term loans and advances	1.431	2.015	-0.146
(f) Other current assets	41.078	31.215	14.058
Total Current Assets	344.079	285.732	166.829
TOTAL	401.560	345.363	225.661

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME (A)	1771.940	1109.327	894.814
Less	TOTAL EXPENSES (B)	1726.464	1072.495	871.144
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	45.476	36.832	23.670
Less	FINANCIAL EXPENSES (D)	33.073	25.705	11.475
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	12.403	11.127	12.195
Less/ Add	DEPRECIATION/ AMORTISATION (F)	7.561	7.816	9.844
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	4.842	3.311	2.351
Less	TAX (I)	1.650	0.725	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	3.192	2.586	2.351
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	0.899	(1.687)	(4.037)
	Balance Carried to the B/S (J+K+L-M)	4.091	0.899	(1.686)
	Earnings / (Loss) Per Share (Rs.)	1.18	0.95	0.87

Expected Sales (2014-15) : Rs. 1700.000 Million

The above information has been parted by Mr. Mr. Samir Patel

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Total Income)	(%)	0.18	0.23	0.26
Operating Profit Margin (PBITD/Total Income)	(%)	2.57	3.32	2.65
Return on Total Assets (PBT/Total Assets}	(%)	1.21	0.96	1.04
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.05
Debt Equity Ratio (Total Debt /Networth)		3.27	5.15	3.08
Current Ratio (Current Asset/Current Liability)		1.12	1.05	1.15

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	20.000	20.000	27.150
Reserves & Surplus	30.114	32.699	53.766
Net worth	50.114	52.699	80.916
long-term borrowings	30.350	21.469	14.501
Short term borrowings	124.139	249.814	250.001
Total borrowings	154.489	271.283	264.502
Debt/Equity ratio	3.083	5.148	3.269

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	894.814	1109.327	1771.940
		23.973	59.731

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	894.814	1109.327	1771.940
Profit	2.351	2.586	3.192
	0.26%	0.23%	0.18%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Term loan from Bank	166.006	199.622
Other loans and Advances	83.995	50.192
Total	250.001	249.814

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10527029	29/05/2013	496,336,000.00	DENA BANK	Amir Road Branch, PALANPUR, Gujarat - 385001, INDI  A	C15879034

* Date of charge modification

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.62.49
UK Pound	1	Rs.92.26
Euro	1	Rs.66.80

INFORMATION DETAILS

Information Gathered by :	RKA
Analysis Done by :	RSM
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	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	YES
--AFFILIATION	YES/NO	NO
--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.