MIRA INFORM REPORT

Report No. :	313752
Report Date :	27.03.2015

IDENTIFICATION DETAILS

Name :	MADHYA BHARAT PHOSPHATE PRIVATE LIMITED (w.e.f.19.02.2003)
Formerly Known As :	MADHYABHARAT PHOSPHATE PRIVATE LIMITED OMNI SEEDS AND FARMS (INDIA) PRIVATE LIMITED (w.e.f.14.08.2002) BUDHANI PAPERS PRIVATE LIMITED (w.e.f.16.01.1998)
Registered Office :	E-7/80, Arera Colony, Bhopal - 462016, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.01.1998
Com. Reg. No.:	10-012560
Capital Investment / Paid-up Capital :	Rs. 70.637 Million
CIN No.: [Company Identification No.]	U21015MP1998PTC012560
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACDM7946D
Legal Form :	Private Limited Liability Company
Line of Business :	The company manufactures SSP Fertilizers.
No. of Employees :	Not Divulged

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

Maximum Credit Limit :	USD 990000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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	ICRA
Rating	Long term rating : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	04.12.2014

Rating Agency Name	ICRA
Rating	Short term rating : A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	04.12.2014

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 31-03-2014.

INFORMATION DENIED BY

Management Non- Corporative (0755-2429722)

LOCATIONS

Registered Office :	E-7/80, Arera Colony, Bhopal - 462016, Madhya Pradesh, India
Tel. No.:	91-755-2420563
Fax No.:	Not Available
E-Mail :	dscmtnl@rediffmail.com pawanagrawal@agromax.co.in
Located At :	· Raisen, Madhya Pradesh · Meghnagar, Madhya Pradesh

DIRECTORS

As on 30.09.2014

Name :

Mr. Agrawal Pawan

Designation :

Director

Address :

E - 1/50 Arera Colony, Bhopal - 462016, Madhya Pradesh, India

Date of Birth/Age :

11.10.1967

Date of Appointment :

20.03.2004

DIN No.:

00785835

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	U24232MH1998PTC212649	APINDIA BIOTECH PRIVATE LIMITED	Director	03-07-1998	03-07-1998	-	Active	NO
2	U70101MP1998PTC012829	VISION REALTY PRIVATE LIMITED	Director	18-08-1998	18-08-1998	-	Active	NO
3	U21015MP1998PTC012560	MADHYA BHARAT PHOSPHATE PRIVATE LIMITED	Director	20-03-2004	20-03-2004	-	Active	NO
4	U01549MP2004PTC016729	KHYATI FOODS PRIVATE LIMITED	Director	30-06-2004	30-06-2004	-	Active	NO
5	U40108MP2005PTC017373	API AGRO POWER PRIVATE LIMITED	Director	01-07-2005	01-07-2005	-	Active	NO
6	U04010MH2006PTC207808	BARNA HYDRO PROJECTS PVT.LTD.	Director	30-01-2006	30-01-2006	28-03-2009	Active	NO
7	U10200MP2007PTC019721	GEO MINE AND MINERALS PRIVATE LIMITED	Director	03-08-2007	03-08-2007	-	Active	NO
8	U40106MP2010PLC023954	MADHYA BHARAT SUNPOWER LIMITED	Director	19-07-2010	19-07-2010	-	Active	NO
9	U24211MP2010PTC024814	KHYATI ORGANICS PRIVATE LIMITED	Director	25-11-2010	25-11-2010	-	Active	NO
10	U70101MP2011PTC025940	KHYATI REAL ESTATE PRIVATE LIMITED	Director	06-05-2011	06-05-2011	-	Active	NO
11	U24211MP1986PLC003679	GK CHEMICALS AND FERTILIZERS LIMITED	Director	20-10-2011	20-10-2011	-	Active	NO
12	U24233MH2011PTC223901	AGROMAX INDUSTRIES PRIVATE LIMITED	Director	14-11-2011	14-11-2011	-	Active	NO

Name :

Mr. Khilrani Naresh

Designation :

Director

Address :

A- 4 1/12 Bairagarh, Bhopal - 462030, Madhya Pradesh, India

Date of Birth/Age :

12.09.1984

Date of Appointment :

08.01.2007

DIN No.:

02374388

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	U21015MP1998PTC012560	MADHYA BHARAT PHOSPHATE PRIVATE LIMITED	Director	08-01-2007	08-01-2007	-	Active	NO
2	U70101MP1998PTC012829	VISION REALTY PRIVATE LIMITED	Director	02-09-2008	02-09-2008	-	Active	NO
3	U40106MP2010PLC023954	MADHYA BHARAT SUNPOWER LIMITED	Director	19-07-2010	19-07-2010	-	Active	NO
4	U24211MP2010PTC024814	KHYATI ORGANICS PRIVATE LIMITED	Director	25-11-2010	25-11-2010	-	Active	NO
5	U70101MP2011PTC025940	KHYATI REAL ESTATE PRIVATE LIMITED	Director	06-05-2011	06-05-2011	-	Active	NO
6	U24211MP1986PLC003679	GK CHEMICALS AND FERTILIZERS LIMITED	Director	20-10-2011	20-10-2011	09-04-2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHAREHOLDER DETAILS 2014

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	9.10
Bodies corporate	12.29
Directors or relatives of Directors	76.54
Other top fifty shareholders	2.07
Total	100.00

BUSINESS DETAILS

Line of Business :	The company manufactures SSP Fertilizers.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Not Divulged

Bankers :

· Bank of Baroda, T.T. Nagar, New Market, Bhopal - 462003, Madhya Pradesh, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	14.667	28.763
Other loans and advances	3.534	3.381
Short-term borrowings
Working capital loans from banks	150.913	177.844
Total	169.114	209.988

Auditors :
Name :	Agrawal Kanhere Associates Chartered Accountants
Address :	Bhopal - 462016, Madhya Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFA9123R
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7070000	Equity Shares	Rs.10/- each	Rs.70.700 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7063747	Equity Shares	Rs.10/- each	Rs.70.637 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	70.637	47.898	40.898
(b) Reserves & Surplus	276.932	95.685	62.846
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	69.825	0.000
Total Shareholders’ Funds (1) + (2)	347.569	213.408	103.744
(3) Non-Current Liabilities
(a) long-term borrowings	118.201	132.144	124.974
(b) Deferred tax liabilities (Net)	13.492	11.502	9.691
(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)	131.693	143.646	134.665
(4) Current Liabilities
(a) Short term borrowings	150.913	177.844	150.035
(b) Trade payables	207.998	148.317	125.501
(c) Other current liabilities	40.475	24.157	27.757
(d) Short-term provisions	0.000	0.000	4.930
Total Current Liabilities (4)	399.386	350.318	308.223
TOTAL	878.648	707.372	546.632
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	139.886	137.161	102.546
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	9.873	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	58.655	89.220	56.090
(e) Other Non-current assets	160.177	64.230	1.840
Total Non-Current Assets	368.591	290.611	160.476
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	432.505	304.241	83.963
(c) Trade receivables	2.462	56.950	48.274
(d) Cash and cash equivalents	33.666	24.805	33.046
(e) Short-term loans and advances	32.739	29.094	220.413
(f) Other current assets	8.685	1.671	0.460
Total Current Assets	510.057	416.761	386.156
TOTAL	878.648	707.372	546.632

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	TOTAL TURNOVER	1409.090	1403.667	1296.662
Less	TOTAL EXPENSES	1256.024	1266.453	1176.664
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	153.066	137.214	119.998
Less	FINANCIAL EXPENSES	102.039	82.329	68.086
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	51.027	54.885	51.912
Less/ Add	DEPRECIATION/ AMORTISATION	7.792	6.021	5.864
	PROFIT/ (LOSS) BEFORE TAX	29.393	48.864	46.048
Less	TAX	14.114	16.025	23.244
	PROFIT/ (LOSS) AFTER TAX	15.279	32.839	22.804
	Earnings / (Loss) Per Share (Rs.)	2.44	6.86	5.58

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.08	2.34	1.76
Operating Profit Margin (PBIDT/Sales)	(%)	10.86	9.78	9.25
Return on Total Assets (PBT/Total Assets}	(%)	3.38	6.91	8.42
Return on Investment (ROI) (PBT/Networth)		0.08	0.23	0.44
Debt Equity Ratio (Total Debt /Networth)		0.77	1.45	2.65
Current Ratio (Current Asset/Current Liability)		1.28	1.19	1.25

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	40.898	47.898	70.637
Reserves & Surplus	62.846	95.685	276.932
Share Application money pending allotment	0.000	69.825	0.000
Net worth	103.744	213.408	347.569
long-term borrowings	124.974	132.144	118.201
Short term borrowings	150.035	177.844	150.913
Total borrowings	275.009	309.988	269.114
Debt/Equity ratio	2.651	1.453	0.774

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	1296.662	1403.667	1409.090
		8.252	0.386

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	1296.662	1403.667	1409.090
Profit	22.804	32.839	15.279
	1.76%	2.34%	1.08%

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10521232	29/09/2014 *	249,000,000.00	HDFC BANK LIMITED	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	C34522839
2	10521234	31/07/2014	89,000,000.00	HDFC BANK LIMITED	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	C21768288
3	90210086	06/01/2012 *	293,400,000.00	BANK OF BARODA	T. T. Nagar, Bhopal, Madhya Pradesh - 462001, India	B30273064

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	100.000	100.000
Total	100.000	100.000

FIXED ASSETS

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory equipment’s

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipment’s

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.93.26
Euro	1	Rs.68.85

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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 unfavorable 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.