MIRA INFORM REPORT

Report No. :	491585
Report Date :	14.02.2018

IDENTIFICATION DETAILS

Name :	NATURAL SUGAR AND ALLIED INDUSTRIES LIMITED
Registered Office :	Sainagar, Ranjani, Tal. Kallam, District : Osmanabad, Osmanabad – 413528, Maharashtra
Tel. No.:	91-2473-265503 / 4 / 5
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	24.11.1998
Com. Reg. No.:	11-121048
Capital Investment / Paid-up Capital :	INR 180.920 Million
CIN No.: [Company Identification No.]	U72214MH1998PLC121048
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTIN :	27AABCN0874D1ZO
PAN No.: [Permanent Account No.]	AABCN0874D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is primarily engaged in manufacture and sale of Sugar and its By-Products (Molasses and Bagasse), Spirits including Ethanol, Power, Steel and Milk. (Registered activity and also Confirmed by management)
No. of Employees :	1000 (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 :	Good
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Natural Sugar and Allied Industries Limited was incorporated in the year 1998. It is manufacturer of Sugar ad Sugar products, Milk and Food Processor. For the financial year 2017, the revenue of the company has decreased by 23.25% but has managed to maintain low profit margin of 0.22%. The sound financial profile of the company is marked by strong networth base along with negligible debt level. The rating takes into consideration the subject’s long track record of business operations along with extensive experience of its promoters. However, rating strengths are partially offset by unfavourable gap between trade payables and trade receivables and low earning per share (EPS) of INR 2.63 against the face value (FV) of INR 100. Business is active. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: The correct name of the company is “Natural Sugar and Allied Industrial Limited”.

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

Rating Agency Name	ICRA
Rating	Fund Based = BB-
Rating Explanation	Moderate risk of default.
Date	14.06.2017

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 (GENERAL INFORMATION)

Name :	Mr. Vedpathak
Designation :	General Finance Manager
Contact No.:	91-2473-265503
Date :	11.02.2018

LOCATIONS

Registered Office / Factory 1 :	Sainagar, Ranjani, Tal. Kallam, District : Osmanabad, Osmanabad – 413528, Maharashtra, India
Tel. No.:	91-2473-265503 / 4 / 5 / 265700
Mobile No.:	91-7588877567 (Mr. Bhairavnath Thombare)
Fax No.:	91-2473-265600
E-Mail :	naturalaccount@gmail.com naturalcmd@gmail.com
Website :	www.naturalsugar.in
Location :	Owned
Correspondence at Corporate Office :	A-70/3, Textile Complex, MIDC, Latur – 413 531, Maharashtra, India
Tel. No.:	91-2382-220818
Fax No.:	91-2473-265600
Email :	nsaisugar@yahoo.co.in
Factory 2 :	Gunj – Savana, Tal. Mahagaon, District – Yavatmal – 445205, Maharashtra, India
Tel. No.:	91-7236-241353, 241354

DIRECTORS

As on 31.03.2017

Name :

Mr. Anil Bhagwanrao Thombare

Designation :

Sainagar Ranjani Tal. Kallam District - Osman Abad Kallam 413528, Maharashtra, India

Address :

Wholetime Director

Date of Birth/Age :

16.07.1966

Date of Appointment :

01.04.2017

PAN No.:

ABXPT9074F

DIN No.:

00002526

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01400PN2014PTC152804	NATURAL ORGANIC FRUITS AND VEGETABLES PRODUCER COMPANY LIMITED	13/10/2014	-
U01403MH2011PTC217992	ELLORA NATURAL SEEDS PRIVATE LIMITED	06/01/2012	-
U15331MH2013PTC243019	NATURAL CATTLE FEED PRIVATE LIMITED	06/05/2013	-
U15421PN1998PLC013063	NATURAL SUGAR AND ALLIED INDUSTRIES LIMITED	24/11/1998	-
U40101MH2010PLC206831	NATURAL SOLAR AND ENERGY LIMITED	21/08/2010	-
U51101MH2007PLC170281	NATURAL BAZAR CONSUMERS STORES LIMITED	16/09/2008	-

Name :

Mr. Lalasaheb Balasaheb Pawar

Designation :

Director

Address :

Sai Nagar, Ranjani Tal, Kallam, Osmanabad – 413 528, Maharashtra, India

Date of Birth/Age :

02.08.1960

Date of Appointment :

16.07.2005

PAN No.:

AQEPP2530L

DIN No.:

00002551

Name :

Mr. Sunil Ashruba Devne

Designation :

Director

Address :

Sai Nagar, Ranjani Tal, Kallam, Osmanabad – 413 528, Maharashtra, India

Date of Birth/Age :

05.12.1965

Date of Appointment :

28.03.2005

PAN No.:

AKMPD1018M

DIN No.:

00002955

Name :

Mr. Agatrao Rangnath Patil

Designation :

Director

Address :

Sai Nagar, Ranjani Tal, Kallam, Osmanabad – 413 528, Maharashtra, India

Date of Birth/Age :

10.02.1944

Date of Appointment :

16.07.2005

PAN No.:

AARPP6111G

DIN No.:

00002956

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U15421PN1998PLC013063	NATURAL SUGAR AND ALLIED INDUSTRIES LIMITED	16/07/2005	-
U15422PN2015PLC154088	GOKUL MAULI SUGARS LIMITED	15/06/2015	-

Name :

Mr. Bhairavnath Bhagwanrao Thombare

Designation :

Managing Director

Address :

A-8, Sukhar Nagar Co-operative Society, Sus Road, Pashan, Pune – 411 021, Maharashtra

Date of Birth/Age :

24.04.1953

Date of Appointment :

01.02.2017

PAN No.:

AAOPT9029J

DIN No.:

00022391

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01400PN2014PTC152804	NATURAL ORGANIC FRUITS AND VEGETABLES PRODUCER COMPANY LIMITED	13/10/2014	-
U01403MH2011PTC217992	ELLORA NATURAL SEEDS PRIVATE LIMITED	06/01/2012	-
U01403MH2014PTC258586	NATURAL ORGANIC FARM PRODUCER COMPANY LIMITED	09/10/2014	-
U15421PN1998PLC013063	NATURAL SUGAR AND ALLIED INDUSTRIES LIMITED	24/11/1998	-
U40101MH2010PLC206831	NATURAL SOLAR AND ENERGY LIMITED	21/08/2010	-
U67120PN2005PTC020287	SAIBABA SECURITIES PRIVATE LIMITED	14/02/2005	-

Name :

Mr. Pandurang Sahebrao Awad

Designation :

Director

Address :

Sai Nagar, Ranjani Tal, Kallam, Osmanabad – 413 528, Maharashtra, India

Date of Birth/Age :

04.09.1959

Date of Appointment :

16.07.2005

PAN No.:

AJBPA2890C

DIN No.:

00242574

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01400PN2014PTC152804	NATURAL ORGANIC FRUITS AND VEGETABLES PRODUCER COMPANY LIMITED	13/10/2014	-

Name :

Mr. Bibhishan Krishna Bhatlavande

Designation :

Director

Address :

Sai Nagar, Ranjani Tal, Kallam, Osmanabad – 413 528, Maharashtra, India

Date of Birth/Age :

08.08.1950

Date of Appointment :

16.07.2005

PAN No.:

ADNPB1409N

DIN No.:

00273767

Name :

Mr. Pratibha Bhairavnath Thombare

Designation :

Director

Address :

Sai Nagar, Ranjani Tal, Kallam, Osmanabad – 413 528, Maharashtra, India

Date of Birth/Age :

11.01.1956

Date of Appointment :

29.04.2007

PAN No.:

ABVPT3011A

DIN No.:

01171135

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U40101MH2010PLC206831	NATURAL SOLAR AND ENERGY LIMITED	21/08/2010	-
U67120PN2005PTC020287	SAIBABA SECURITIES PRIVATE LIMITED	14/02/2005	-

Name :

Mr. Balaji Bajirao Tat

Designation :

Director

Address :

215, Z. P. Shalecha Parisar, Apegaon, Taluka Ambajogai, District Beed, Ambajogai – 413 517, Maharashtra, India

Date of Birth/Age :

09.07.1976

Date of Appointment :

19.09.2009

PAN No.:

AJEPT5620J

DIN No.:

02747299

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01400PN2014PTC152804	NATURAL ORGANIC FRUITS AND VEGETABLES PRODUCER COMPANY LIMITED	13/10/2014	-
U01403MH2014PTC258586	NATURAL ORGANIC FARM PRODUCER COMPANY LIMITED	09/10/2014	-

Name :

Mr. Harshal Bhairavnath Thombare

Designation :

Wholetime Director

Address :

H.No.2a/83, Vikram Nagar, Latur – 413531, Maharashtra, India

Date of Birth/Age :

03.12.1983

Date of Appointment :

01.10.2015

PAN No.:

AEGPT6779K

DIN No.:

03176256

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01403MH2011PTC217992	ELLORA NATURAL SEEDS PRIVATE LIMITED	06/01/2012	-
U01403MH2014PTC258586	NATURAL ORGANIC FARM PRODUCER COMPANY LIMITED	09/10/2014	-

KEY EXECUTIVES

Name :	Mr. Vedpathak
Designation :	General Finance Manager
Name :	Mr. Shekhar Vishnupant Shende
Designation :	Company Secretary
Address :	34, Panchdeep Nagar Wardha Road, Nagpur - 440025, Maharashtra, India
Date of Appointment :	01.06.2017
PAN No.:	AMYPS9862N
Name :	Mr. Suryakant Uddhavrao Vedpathak
Designation :	Chief Finance Officer
Address :	Yogeshwari Nagari, Revati Apartment, Flat No.14, Ring Road, Ambajogai Ambajogai – 431517, Maharashtra, India
Date of Birth/Age :	11.11.1959
Date of Appointment :	01.01.2015
PAN No.:	ACWPV1140Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

SHAREHOLDERS DETAIL FILES ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	8.91
Public – (Individual/ Hindu Undivided Family – Indian)	75.90
Public - Bodies corporate	15.19
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is primarily engaged in manufacture and sale of Sugar and its By-Products (Molasses and Bagasse), Spirits including Ethanol, Power, Steel and Milk. (Registered activity and also Confirmed by management)

Products :

Item Code No.	Product Description
17011190	Sugar
170199.02 / 170199.09	White Crystal Sugar
IS.323/1959	Rectified Spirit
IS.6613/1972	Extra Neutral Alcohol
9961122	Milk and Milk Product

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

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 :

1000 (Approximately)

Bankers :

Bank Name	TJSB Sahakari Bank Limited
Branch	Mitkari Niwas, Nandi Stop, Ausa Road, Latur – 413512, Maharashtra, 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 Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	191.428	308.735
Short-term borrowings
Loans repayable on demand from banks	536.808	1412.306
Total	728.236	1721.041

Auditors :
Name :	S H Kocheta and Associates Chartered Accountants
Address :	H. No. R-6/501-B Darda Complex Subash Chowk, Latur – 413 512, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABSFS6551P
Secretarial Audit Report :
Name :	Manoj H Shah and Associates
Address :	Shop No. 1 and 2, B-5 New Mani Ratna Co-operative Society Limited, Arnyashwer Corner, Pune 411 009, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Sai Baba Securities Private Limited, India Shri Sai Gramin B.Sheti Patsanstha, India NSAI Multistate Co-Operative Credit Society Limited, India Natural Bazar Consumer Stores Limited, India Natural Cattle Feed Private Limited, India Sai Sarvangin Vikas Pratishtan, India
Company in which KMP Relatives of KMP can exercise significant influence	Natural Solar and Energy Limited Ellora Natural Seed Private Limited Natural Organic and Vegetables Producer Company Limited. Natural Organic Producer Company Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	INR 100/- each	INR 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1809200	Equity Shares	INR 100/- each	INR 180.920 Million

FINANCIAL DATA

[all figures are in 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	180.920	180.920	180.920
(b) Reserves and Surplus	973.424	968.660	937.758
(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)	1154.344	1149.580	1118.678
(3) Non-Current Liabilities
(a) long-term borrowings	451.602	351.146	417.568
(b) Deferred tax liabilities (Net)	36.202	31.257	0.137
(c) Other long-term liabilities	15.974	15.939	13.957
(d) long-term provisions	4.210	4.211	4.622
Total Non-current Liabilities (3)	507.988	402.553	436.284
(4) Current Liabilities
(a) Short-term borrowings	735.234	1511.806	2016.259
(b) Trade payables	84.497	138.838	312.721
(c) Other current liabilities	612.705	446.912	308.610
(d) Short-term provisions	10.865	30.719	1.634
Total Current Liabilities (4)	1443.301	2128.275	2639.224
TOTAL	3105.633	3680.408	4194.186
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2047.134	1401.497	1392.915
(ii) Intangible Assets	0.090	0.090	0.090
(iii) Tangible assets capital work-in-progress	3.849	546.981	69.779
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.409	2.409	2.409
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	24.359	32.349	28.773
(e) Other Non-current assets	0.000	2.498	2.050
Total Non-Current Assets	2077.841	1985.824	1496.016
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	874.060	1494.809	2355.489
(c) Trade receivables	4.614	10.864	27.877
(d) Cash and bank balances	18.563	79.873	161.828
(e) Short-term loans and advances	86.081	72.172	113.249
(f) Other current assets	44.474	36.866	39.727
Total Current Assets	1027.792	1694.579	2698.170
TOTAL	3105.633	3680.408	4194.186

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Revenue from operations	2136.809	2784.448	2691.804
	Other Income	3.806	4.130	2.843
	TOTAL	2140.615	2788.578	2694.647
Less	EXPENSES
	Cost of Materials Consumed	961.362	1167.606	1975.054
	Purchases of Stock-in-Trade	54.208	79.154	116.968
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	611.834	842.082	90.663
	Employee benefit expense	126.081	112.253	114.675
	CSR expenditure	0.323	0.076	2.563
	Other expenses	213.541	275.493	305.765
	Exceptional items before tax	(5.178)	(8.531)	(69.496)
	TOTAL	1962.171	2468.133	2536.192
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	178.444	320.445	158.455
Less	FINANCIAL EXPENSES	96.259	166.123	187.180
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	82.185	154.322	(28.725)
Less/ Add	DEPRECIATION/ AMORTISATION	76.733	70.504	70.001
	PROFIT/ (LOSS) BEFORE TAX	5.452	83.818	(98.726)
Less	TAX	0.689	31.120	(57.749)
	PROFIT/ (LOSS) AFTER TAX	4.763	52.698	(40.977)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	81.010	55.378	97.764
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	5.270	0.000
	Dividends proposed to be distributed to equity shareholders	0.000	18.092	0.000
	Tax on Dividend	0.000	3.704	1.409
	Total	0.000	27.066	1.409
	Balance Carried to the B/S	85.773	81.010	55.378
	Earnings / (Loss) Per Share (INR)	2.63	29.13	(22.65)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	192.709	146.507	64.389
Net cash flows from (used in) operations	858.524	1127.841	255.363
Net cash flows from (used in) operating activities	860.087	1128.127	254.363

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	0.79	1.42	3.78
Account Receivables Turnover (Income / Sundry Debtors)	463.21	256.30	96.56
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	30.37	40.65	54.56
Inventory Turnover (Operating Income / Inventories)	0.20	0.21	0.07
Asset Turnover (Operating Income / Net Fixed Assets)	0.09	0.16	0.11

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.67	0.71	0.74
Debt Equity Ratio (Total Liability / Networth)	1.20	1.75	2.23
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.25	1.85	2.36
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.78	1.70	1.31
Interest Coverage Ratio (PBIT / Financial Charges)	1.85	1.93	0.85

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.22	1.89	(1.52)
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.15	1.43	(0.98)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	0.41	4.58	(3.66)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.71	0.80	1.02
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.11	0.09	0.13
G-Score Ratio Financial (Networth / Total Assets)	0.37	0.31	0.27
G-Score Ratio Debt (Debts / Equity Capital)	7.63	11.11	13.81
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.71	0.80	1.02

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	180.920	180.920	180.920
Reserves & Surplus	937.758	968.660	973.424
Net worth	1118.678	1149.580	1154.344
Long-term borrowings	417.568	351.146	451.602
Short term borrowings	2016.259	1511.806	735.234
Current maturities of long-term debts	64.389	146.507	192.709
Total borrowings	2498.216	2009.459	1379.545
Debt/Equity ratio	2.233	1.748	1.195

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	2691.804	2784.448	2136.809
	0.000	3.442	(23.259)

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	2691.804	2784.448	2136.809
Profit/ (Loss)	(40.977)	52.698	4.763
	(1.52 %)	1.89 %	0.22 %

LEGAL CASES

LITIGATION DETAILS
Bench:- Bombay
Presentation Date: 20.11.2017
Lodging No:-	MCAST/32280/2017	Failing Date:-	20.11.2017
Petitioner:-	THE STATE OF MAHARASHTRA THR. ITS		Respondent:-	NATURAL SUGAR AND ALLIED INDUSTRIES LIMITED
Petn.Adv:-	GOVERNMENT PLEADER WRIT CELL (12390)
District:-	MUMBAI
Bench:-	DIVISION
Status:-	Pre-Admission		Stage:-	FOR ORDERS
Next Date:-	12.02.2017
Coram :-	REGITRAT (JUDICIAL II [AO])
Last Date:-	22.01.2018		Stage:-		FOR ORDERS
Last Coram:-	REGITRAT (JUDICIAL II [AO])
Act:-	Constitution of India

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	Yes
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	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

Subject (the Company) is a public Company domiciled in India and incorporated under the provision of the Companies Act, 1956. Its shares are not listed on any Stock exchanges in India. The Company is primarily engaged in manufacture and sale of Sugar and its By-Products (Molasses and Bagasse), Spirits including Ethanol, Power, Steel and Milk. The Company Presently has manufacturing facilities at Ranjani, District Osmanabad in the State of Maharashtra. During The Year Company has not produced steel.

PERFORMANCE OF OPERATIONS AND FUTURE PROSPECTS:

The Company is working under six divisions namely Sugar Division, Power Division (Co-Gen), Steel Division (Ferro Manganese), Distillery Division, Bio-Gas and Bio-compost Division, and Dairy Division. The net profit after tax was slightly decreased during the financial. The reason was that the Company’s Unit No. 1 at Sainagar Ranjani was not operated for whole crushing season 2016-17 due to the non availability of sugar cane in the said area and drought conditions. The individual performance of each division was as under:

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term loans from others	260.174	42.411
Short-term borrowings
Loans repayable on demand from others	198.426	99.500
Total	458.600	141.911

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G75863340	100151959	TJSB Sahakari Bank Ltd	09/01/2018	-	-	500000000.0	Mitkari Niwas, Nandi Stop,Ausa Road,LaturMH413512IN
2	C69230118	10600767	Bank of Baroda	24/09/2015	-	-	92700000.0	Latur BranchLovina BuildingLaturMH413512IN
3	C69230597	10600773	Bank of Baroda	24/09/2015	-	-	200000000.0	Latur BranchLovina BuildingLaturMH413512IN
4	C48544142	10558367	Bank of Baroda	14/01/2015	-	-	37500000.0	Latur BranchLaturMH413531IN
5	C25696113	10523831	Bank of Baroda	22/05/2014	-	-	239700000.0	Latur BranchLaturMH431531IN
6	C57810509	10399280	Bank of Maharashtra	21/12/2012	19/06/2015	-	350000000.0	Hanuman Chowk, Kamdar Road,Kiriti Mansion.LaturMH413512IN
7	B70732185	10428863	Bank Of Baroda	23/10/2012	-	-	250000000.0	LATUR BRANCHLATURLATURMH431512IN
8	B07120520	10272638	BANK OF BARODA	05/02/2011	-	-	5000000.0	P.B.No.17, Lovina, Chandranagar, Kakusheth,Uka Road, LaturLaturMH413512IN
9	B07120710	10272639	BANK OF BARODA	05/02/2011	-	-	32500000.0	P.B.No.17, Lovina, Chandranagar, Kakusheth,Uka Road, LaturLaturMH413512IN
10	C48545289	10087118	Bank of Baroda	24/12/2007	04/03/2015	-	1050000000.0	Latur BranchLaturMH413531IN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Claims against company not acknowledged as debt	72.535	87.331
Other money for which company is contingently liable	296.508	980.764

FIXED ASSETS

• Land
• Building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment

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 64.36
UK Pound	1	INR 89.71
Euro	1	INR 78.89

INFORMATION DETAILS

Information Gathered by :	PJA
Analysis Done by :	VRS
Report Prepared by :	SUJ

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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.