MIRA INFORM REPORT

Report No. :	489478
Report Date :	02.02.2018

IDENTIFICATION DETAILS

Name :	GRENERA NUTRIENTS PRIVATE LIMITED
Registered Office :	S F No. 1357, Uppu Kinaru, Thottam Pudhupalayam, Avalpoondurai, Village Erode – 638115, Tamilnadu
Tel. No.:	91-424-2283846
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	09.02.2010
Com. Reg. No.:	18-015816
Capital Investment / Paid-up Capital :	INR 14.000 Million
CIN No.: [Company Identification No.]	U15497TZ2010PTC015816
IEC No.:	3210006644
GSTIN No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCG6719J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Manufacturing Moringa Supplementary/ Dietary Foods and Moringa allied Products. [Registered Activity]
No. of Employees :	Information denied by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 103300
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2010 and it is having satisfactory track records. For the financial year 2017, the company has healthy increased in its revenue from operation and maintained decent profitability margin of 9.37%. Rating takes into considerations sound financial profile of the company marked by adequate networth base and low debt balance sheet. Further, rating also reflects company’s healthy improvement in the revenue as well as profitability profile during the year. Trade relations are reported as fair. Business is active. Payments are seems 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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 02.02.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE (Tel No.: 91-424-2283846)

LOCATIONS

Registered Office :	S F No. 1357, Uppu Kinaru, Thottam Pudhupalayam, Avalpoondurai, Village Erode – 638115, Tamilnadu, India
Tel. No.:	91-424-2283846
Fax No.:	Not Available
E-Mail :	grenera@gmail.com acounts@eatmanfoods.com
Website :	http://www.eatmanfoods.com

DIRECTORS

AS ON 31.03.2017

Name :

Ponnusamygounder Subramaniam

Designation :

Managing Director

Address :

261, SKC Road, Near Dinamalar, Office Surampatti, Erode – 638009, Tamilnadu, India

Date of Birth/Age :

25.01.1953

Date of Appointment :

01.07.2016

DIN No.:

02107700

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U15495TZ2007PTC013433	EATMAN FOODS INDIA PRIVATE LIMITED	28/03/2008	-

Name :

Senthilramesh Subramaniam

Designation :

Whole Time Director

Address :

24-B, Gandhiji Street, Kollampalayam, Erode-638002, Tamilnadu, India

Date of Birth/Age :

11.02.2013

Date of Appointment :

01.07.2016

DIN No.:

03120870

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U15495TZ2007PTC013433	EATMAN FOODS INDIA PRIVATE LIMITED	30/09/2013	-

Name :

Panappalayam Subramaniam Gomathi

Designation :

Director

Address :

260, S. Kesi Road, Erode (M), Erode-638009, Tamilnadu, India

Date of Birth/Age :

20.03.1959

Date of Appointment :

09.02.2010

DIN No.:

02107748

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U15495TZ2007PTC013433	EATMAN FOODS INDIA PRIVATE LIMITED	01/04/2011	-

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
P. Subramaniam	6500
P.S. Gomathi	700
S. Senthil Ramesh	1800
Kasilinga Gounder	200
K. Eswaramoorthy	1200
T. Kailasam	1200
V. Boopathy	700
K.S.Palanisamy	200
K. Ramasamy	1000
P. Kailsam	500
Total	14000

AS ON 30.09.2017

Equity Share Break up	Percentage
Category
Promoters – [Individual/Hindu Undivided Family – Indian]	64.29
Public/Other than promoters - [Individual/Hindu Undivided Family – Indian]	35.71
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Manufacturing Moringa Supplementary/ Dietary Foods and Moringa allied Products. [Registered Activity]

Products / Services :

ITC Code	Product/ Services Description
18069090	Other Food Preparations

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information denied by the management

Bankers :

Bank Name	The Karur Vysya Bank Limited
Branch	24 Muthurangam Street, Erode – 638001, Tamilnadu, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
KVB Building Term Loan I	0.000	0.486
KVB Building Term Loan II (669)	0.346	0.695
KVB Machinery Term Loan II (1495)	0.598	1.400
KVB Machinery Term Loan III	0.000	0.376
KVB Machinery Term Loan Iv (1696)	0.310	1.014
KVB Machinery Term Loan v (1755)	0.766	4.885
Sundaram Finance Limited (0407)	0.030	0.193
Sundaram Finance Limited (1385)	0.177	0.367
Sundaram Finance Limited (1530)	0.155	0.317
Sundaram Finance Limited (0865)	0.758	0.000
KVB Machinery Term Loan vi (1803)	2.092	1.128
SHORT TERM BORROWING S
KVB cash credit	13.769	5.368
KVB Building Term Loan I	0.485	0.517
KVB Building Term Loan II	0.349	0.309
KVB Machinery Term Loan I	0.000	0.638
KVB Machinery Term Loan II	0.801	0.653
KVB Machinery Term Loan III	0.376	0.561
KVB Machinery Term Loan Iv	0.704	0.611
KVB Machinery Term Loan v	0.325	0.245
Sundaram Finance	0.000	0.099
KVB Machinery Term Loan vi	1.306	1.053
Sundaram Finance	0.166	0.158
Sundaram Finance	0.190	0.170
Sundaram Finance	0.160	0.141
Sundaram Finance	0.360	0.000
Total	24.223	21.384

Note:

LONG-TERM BORROWINGS:

a)Term loan from Bank is secured by first charge of all Company's Fixed Assets,both present and

future and second charge on all company's current Assets subject to prior charges

b) The Company has not defaluted in either repayment of principal or interest during the year.

SHORT-TERM BORROWINGS:

Working capital borrowing is secured by way of hypothecation of inventories and book debts and further secured by way of second charge over the fixed Assets both present and future, subject to prior charges created by the company in favour of Bank for securing term loan.

b) The company has not defaulted in either repayment of Principal or interest during the year

Auditors :
Name :	Senkottuvel and Company Chartered Accountants
Address :	32, State Bank Road, Erode-638001, Tamil Nadu, India
PAN No.:	ALEPS7599H
Memberships :	Not Available
Collaborators :	Not Available
Other Related Parties :	Eatman Foods India Private Limited Veg India Exports

CAPITAL STRUCTURE

AS ON 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	INR 1000/- each	INR 15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14000	Equity Shares	INR 1000/- each	INR 14.000 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	14.000	14.000	14.000
(b) Reserves & Surplus	22.169	7.475	5.061
(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)	36.169	21.475	19.061
(3) Non-Current Liabilities
(a) long-term borrowings	5.232	10.861	8.383
(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)	5.232	10.861	8.383
(4) Current Liabilities
(a) Short term borrowings	18.991	10.523	9.304
(b) Trade payables	15.682	5.288	5.818
(c) Other current liabilities	11.557	14.607	6.516
(d) Short-term provisions	9.055	2.601	2.223
Total Current Liabilities (4)	55.285	33.019	23.861
TOTAL	96.686	65.355	51.305
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	47.542	42.032	32.209
(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)	1.013	0.694	0.308
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	1.000
Total Non-Current Assets	48.555	42.726	33.517
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.442	8.454	1.806
(c) Trade receivables	29.807	8.641	9.334
(d) Cash and cash equivalents	3.318	0.799	2.895
(e) Short-term loans and advances	6.323	4.457	3.753
(f) Other current assets	0.241	0.278	0.000
Total Current Assets	48.131	22.629	17.788
TOTAL	96.686	65.355	51.305

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	156.808	86.699	79.307
	Other Income	3.937	1.648	0.955
	TOTAL	160.745	88.347	80.262
Less	EXPENSES
	Purchases of Stock-in-Trade	71.767	43.054	33.592
	Variation in Stocks	0.012	(6.648)	0.721
	Direct Expenses	25.037	15.576	17.813
	Other expenses	33.898	24.030	19.177
	Deferred tax	0.000	0.000	0.009
	TOTAL	130.714	76.012	71.312
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	30.031	12.335	8.950
Less	FINANCIAL EXPENSES	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	30.031	12.335	8.950
Less	DEPRECIATION/ AMORTISATION	7.688	8.393	4.680
	PROFIT/ (LOSS) BEFORE TAX	22.343	3.942	4.270
Less	TAX	7.649	1.528	1.341
	PROFIT/ (LOSS) AFTER TAX	14.694	2.414	2.929
	Earnings / (Loss) Per Share (INR)
	Basic
	Diluted	1049	172	5681.5

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	24.797	15.746	11.060
Net cash flow from operating activities	17.148	14.218	9.719

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	69.38	36.38	42.96
Account Receivables Turnover [Income / Sunday Debtors]	5.26	10.03	8.50
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	79.76	44.83	63.22
Inventory Turnover (Operating Income / Inventories)	3.78	1.72	5.70
Asset Turnover (Operating Income / Net Fixed Assets)	0.67	0.35	0.32

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.63	0.67	0.63
Debt Equity Ratio (Total Liability / Networth)	0.67	1.00	0.93
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.53	1.54	1.25
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.31	1.96	1.69
Interest Coverage Ratio [PBIT / Financial Charges]	16.75	6.54	7.62

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
PAT to Sales ((PAT / Sales) * 100)	%	9.37	2.78	3.69
Return on Total Assets ((PAT / Total Assets) * 100)	%	15.20	3.69	5.71
Return on Investment (ROI) ((PAT / Networth) * 100)	%	40.63	11.24	15.37

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.87	0.69	0.75
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.72	0.43	0.67
G-Score Ratio Financial (Networth / Total Assets)	0.37	0.33	0.37
G-Score Ratio Debt (Debts / Equity Capital)	1.73	1.53	1.26
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.87	0.69	0.75

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	14.000	14.000	14.000
Reserves & Surplus	5.061	7.475	22.169
Net worth	19.061	21.475	36.169
Long Term borrowings	8.383	10.861	5.232
Short Term borrowings	9.304	10.523	18.991
Total borrowings	17.687	21.384	24.223
Debt/Equity ratio	0.928	0.996	0.670

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	79.307	86.699	156.808
		9.321	80.865

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	79.307	86.699	156.808
Profit	2.929	2.414	14.694
	3.69%	2.78%	9.37%

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	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

Note: The registered address of the company has been shifted from “No 106/12, Prakasam Street, Erode – 638001, Tamilnadu, India w.e.f. 27.04.2010”

CORPORATE INFORMATION:

Subject was incorporated on 09.02.2010 and engaged in the business of Manufacturing Moringa Supplementary I Dietary Foods and Moringa allied Products.

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G54958806	10208690	The Karur Vysya Bank Limited	17/02/2010	05/01/2017	-	48385000.0	24 Muthurangam Street, Erode – 638001, Tamilnadu, India

FIXED ASSETS:

Tangible Assets

· Factory Land

· Building

· Machinery

· Furniture and Fixture and Electrical Fitting

· Computer

· Vehicles

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 records 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 records 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	INR
US Dollar	1	INR 63.68
UK Pound	1	INR 79.21
Euro	1	INR 90.35

INFORMATION DETAILS

Information Gathered by :	SVT
Analysis Done by :	PSD
Report Prepared by :	GEET

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.