MIRA INFORM REPORT

Report No. :	487083
Report Date :	12.02.2018

IDENTIFICATION DETAILS

Name :	KISAN AGRO INDUSTRY
Registered Office :	AT Gut No 16, Jakhmatha, Taluka Gangapur, District Aurangabad-431109, Maharashtra
Mobile No.:	91-7972533469 [Mr. Girish] 91-9421300287 [Mr. Sharad Jhoombarlal Gandhi]
Country :	India
Financials (as on) :	31.03.2017
Year of Establishment :	2010
Capital Investment :	INR 40.967 Million
IEC No.:	Not Applicable [As informed by the management that firm does not have export and import]
TIN No.:	Not Divulged
GST No.:	27AAJFK1503F1ZP
PAN No.: [Permanent Account No.]	AAJFK1503F
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer of Cotton Bales and Cotton Seeds. [Confirmed by Management]
No. of Employees :	40 [Approximately]

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a partnership firm established in the year 2010. It is a manufacturer of cotton bales and cotton seeds. For the financial year 2017, the firm has achieved 63.78% growth in its revenue as compared to previous year revenue but has reported low profit margin of 0.34%. The rating takes into consideration the satisfactory financial profile of the firm marked by acceptable capital base along with comfortable debt coverage indicators. Business is active Payments seems to be usually correct. In view of aforesaid, the frim 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

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 12.02.2018

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 PARTED BY

Name :	Mr. Sharad Jhoombarlal Gandhi
Designation :	Partner
Contact No.:	91-9421300287
Date :	10.02.2018

LOCATIONS

Registered Office/ Factory :	AT Gut No 16, Jakhmatha, Taluka Gangapur, District Aurangabad-431109, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-7972533469 [Mr. Girish] 91-9421300287 [Mr. Sharad Jhoombarlal Gandhi]
Fax No.:	Not Available
E-Mail :	kisancottex@gmail.com
Location :	Owned
Locality :	Commercial cum Industrial

PARTNERS

Name :	Mr. Sharad Jhoombarlal Gandhi
Designation :	Partner
Qualification :	Graduate
Experience :	08 Years
Name :	Mr. Annasaheb Malkuji Mane
Designation :	Partner
Qualification :	HSC
Experience :	08 Years

BUSINESS DETAILS

Line of Business :	Manufacturer of Cotton Bales and Cotton Seeds. [Confirmed by Management]
Products/ Services :	Cotton Bales and Cotton Seeds
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cheque, Credit [45 Days] and Others [RTGS/ NEFT]
Purchasing :	Credit [45 Days]

GENERAL INFORMATION

Suppliers :

· Premium Agro Input

· Damji Velji and Company

· Netri Enterprises

· Shree Satguru Cotton

· Vijay Cotton Agencies

·

Customers :

Manufacturer

· ABC Cotspin Private Limited

· Avaneetha Textiles Private Limited

· Bhadresh Trading Corporation Limited

· D D Cotton Private Limited

· Sivaram Spinners

· Sri Jaisakthi Textiles

· Vellingiri Andavar Textiles

No. of Employees :

40 [Approximately]

Bankers :

Bank Name:	State Bank of India
Branch:	Gangapur Branch, Aurangabad, Maharashtra, India
Person Name (with Designation):	--
Contact Number:	91-2433-221335 [Ringing]
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	Credit Limit = INR 90.000
Account Operation:	--
Remarks:	--

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
Cash Credit from State Bank of Hyderabad	90.759	90.881
Loan on FD with Buldhana Urban Bank	0.000	3.845
Total	90.759	94.726

Auditors :
Name :	C.N.A. and Associates Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON: 31.03.2017

Partners’ Capital	INR in Million
Annasaheb Mane	22.047
Sharad Gandhi	18.920
Total	40.967

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2017	31.03.2016	31.03.2015
SHAREHOLDERS FUNDS
1] Capital Account		40.967	39.860	22.253
2] Reserves & Surplus		4.617	4.617	4.617
NETWORTH		45.584	44.477	26.870
LOAN FUNDS
1] Secured Loans		90.759	94.726	90.783
2] Unsecured Loans		19.629	17.406	35.150
TOTAL BORROWING		110.388	112.132	125.933
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		155.972	156.609	152.803
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.966	11.787	12.747
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	96.521	100.915	135.992
	Sundry Debtors	85.068	56.706	27.916
	Cash & Bank Balances	0.608	4.328	0.284
	Other Current Assets	0.431	0.261	0.508
	Loans & Advances	1.951	0.000	1.716
Total Current Assets		184.579	162.210	166.416
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.414	15.028	21.484
	Other Current Liabilities	2.244	2.019	2.611
	Provisions	0.915	0.341	2.265
Total Current Liabilities		39.573	17.388	26.360
Net Current Assets		145.006	144.822	140.056
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		155.972	156.609	152.803

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	542.493	331.229	170.395
		Other Income	0.000	1.870	4.170
		TOTAL	542.493	333.099	174.565
Less	EXPENSES
		Materials Consumed	488.908	279.907	245.270
		Increase/ (Decrease) in Stock	6.957	29.924	(96.636)
		Trading Expenses	22.965	1.294	7.258
		Manufacturing Expenses	8.610	6.455	5.639
		Administrative and Selling Expenses	2.851	2.260	1.210
		Personal Expenses	0.741	0.726	0.668
		TOTAL	531.032	320.566	163.409
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		11.461	12.533	11.156
Less	FINANCIAL EXPENSES		8.696	8.441	5.864
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2.765	4.092	5.292
Less/ Add	DEPRECIATION/ AMORTISATION		0.895	0.960	1.057
	PROFIT/ (LOSS)		1.870	3.132	4.235

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	57.24	62.49	59.80
Account Receivables Turnover (Income / Sundry Debtors)	6.38	5.84	6.10
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	27.19	19.60	31.97
Inventory Turnover (Operating Income / Inventories)	0.12	0.12	0.08
Asset Turnover (Operating Income / Net Fixed Assets)	1.05	1.06	0.88

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.77	0.74	0.85
Debt Equity Ratio (Total Liability / Networth)	2.42	2.52	4.69
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.30	0.78	2.29
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.24	0.27	0.47
Interest Coverage Ratio (PBIT / Financial Charges)	1.32	1.48	1.90

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.34	0.95	2.49
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.96	1.80	2.36
Return on Investment (ROI) ((PAT / Networth) * 100)	%	4.10	7.04	15.76

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	3.12	4.66	2.71
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.49	1.76	0.49
G-Score Ratio Financial (Networth / Total Assets)	0.23	0.26	0.15
G-Score Ratio Debt (Debts / Equity Capital)	2.69	2.81	5.66
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	3.12	4.66	2.71

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Capital Account	22.253	39.860	40.967
Reserves & Surplus	4.617	4.617	4.617
Net worth	26.870	44.477	45.584
Secured Loans	90.783	94.726	90.759
Unsecured Loans	35.150	17.406	19.629
Total borrowings	125.933	112.132	110.388
Debt/Equity ratio	4.687	2.521	2.422

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	170.395	331.229	542.493
		94.389	63.782

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	170.395	331.229	542.493
Profit/ (Loss)	4.235	3.132	1.870
	2.49%	0.95%	0.34%

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	Yes
8	Designation of contact person	Yes
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	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
Unsecured Loans	19.629	17.406
Total	19.629	17.406

FIXED ASSETS

· Land

· Plant and Machinery

· Electrical Installation

· Factory

· Computer

· Labour Quarter

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	Indian Rupees
US Dollar	1	INR 64.37
UK Pound	1	INR 89.71
Euro	1	INR 78.89

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	VAR
Report Prepared by :	RUP

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	NO
--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.

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