MIRA INFORM REPORT

Report No. :	500630
Report Date :	29.03.2018

IDENTIFICATION DETAILS

Name :	NATH BIO-GENES (INDIA) LIMITED
Registered Office :	Nath House, Nath Road, Aurangabad - 431005, Maharashtra
Tel. No.:	91-240-2376314/17
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	14.07.1993
Com. Reg. No.:	11-072842
Capital Investment / Paid-up Capital :	INR 160.040 Million
CIN No.: [Company Identification No.]	L01110MH1993PLC072842
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of Production, Processing, and Marketing of Hybrid and GM Seeds. The Company has a product range of Field crops, Vegetable crops and Micro Nutrient Supplements. [Registered Activity]
No. of Employees :	Information declined 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+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 3900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1993. For the financial year 2017, the revenue of the company has increased by 4.70% along with decent profit margin of 9.59%. The sound financial profile of the company is marked by healthy networth base along with negligible debt level. The rating takes into consideration the subjects long established track record of business operations along with extensive experience of its promoters. The company has its share price trading at around INR 423.45 against the Face Value (FV) of INR 10 on BSE as on 28^th March, 2018. However, these rating strengths are partially offset by working capital-intensive operations, susceptibility to fluctuations in monsoons, and exposure to risks relating to regulatory changes in the seeds sector and unfavourable gap between trade payables and trade receivables. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for good 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 (30.09.2017)	Current Rating (31.12.2017)
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	CRISIL
Rating	Long term : BBB-
Rating Explanation	Moderate degree of safety.
Date	31.05.2017

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 29.03.2018

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 Co-Operative (91-240-2376314/17)

LOCATIONS

Registered Office / Corporate Office/ Plant 1 :	Nath House, Nath Road, Aurangabad - 431005, Maharashtra, India
Tel. No.:	91-240-2376314/17/ 6645555
Fax No.:	91-240- 2376188
E-Mail :	mail@khurana.co.in General Information – info@nathseeds.com Investor Enquiry – investor@nathseeds.com HR information – hrd@nathseeds.com
Website :	www.nathbiogenes.com
Administrative Office:	1, Chateau Windsor, 86, Veer Nariman Road, Churchgate, Mumbai – 400 020, Maharashtra, India
Plant 2 :	Seed Processing Plant, Munipally-503224 Taluka-Armoor, District- Nizamabad, Telangana, India
Branch offices:	Located at Andhra Pradesh Bihar Chhattisgarh Gujarat Haryana Karnataka Madhya Pradesh Maharashtra Punjab Rajasthan Tamil Nadu West Uttar Pradesh East Uttar Pradesh West Bengal

DIRECTORS

AS ON 31.03.2017

Name :	Satish Laxminarayan Kagliwal
Designation :	Managing Director
Address :	Utsah Adalat Road, Aurangabad -431005, Maharashtra, India
Date of Appointment :	29.03.2000
DIN No.:	00119601
Name :	Shrirang Shrikishan Agrawal
Designation :	Director
Address :	35 Bansilal Nagar,, Aurangabad -431005, Maharashtra, India
Date of Appointment :	30.03.2015
DIN No.:	00119681
Name :	Kashinath Ganapathy Iyer
Designation :	Director
Address :	F No. B - 6, Shanta Ganga App. Dashmesh Nagar, Aurangabad -431005, Maharashtra, India
Date of Appointment :	10.10.2012
DIN No.:	01195975
Name :	Omprakash Ramnarayan Sharma
Designation :	Director
Address :	House No. 214 E-45/4 N - 5 CIDCO Aurangabad- 431005, Maharashtra, India
Date of Appointment :	30.05.2015
DIN No.:	01196266
Name :	Nandkishor Laxminarayan Kagliwal
Designation :	Director
Address :	1-B, Beacon, Madam Cama Road, Nariman Point Mumbai -400021, Maharashtra, India
Date of Appointment :	29.03.2000
DIN No.:	01691691
Name :	Sweta Akash Kagliwal
Designation :	Director
Address :	Gut No 79, 'Akash Farms' B/H Mahanubhav Ashram Paithan Road, Itkheda Aurangabad -431001, Maharashtra, India
Date of Appointment :	30.03.2015
DIN No.:	02052811

KEY EXECUTIVES

Name :	Devinder Khurana
Designation :	Chief Finance Officer
Address :	63 Shreya Nagar, Aurangabad -431005, Maharashtra, India
Date of Appointment :	30.05.2015
PAN No.:	ABPPK7128M
Name :	Laveena Hanshu Chanchlani
Designation :	Company Secretary
Address :	Jeevan Deep Tower, Flat No 101, Near Gol Maidan, Post Office, Ulhasnagar -421001, Maharashtra, India
Date of Appointment :	01.10.2012
PAN No.:	AKTPC9906C

SHAREHOLDING PATTERN

AS ON 31.12.2017

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Promoter & Promoter Group	7743266	40.75
(B) Public	11260734	59.25
Grand Total	19004000	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of Shareholder	No. of Shares	Percentage of Holding
A1) Indian		0.00
Individuals/Hindu undivided Family	439	0.00
NANDKISHOR LAXMINARAYAN KAGLIWAL	146	0.00
JEEVANLATA NANDKISHOR KAGLIWAL	293	0.00
Any Other (specify)	7742827	40.74
FERRY FAX FARMS PRIVATE LIMITED	308644	1.62
NATH BIOTECHNOLOGIES LTD	101200	0.53
BARKHA FARMS PRIVATE LIMITED	354030	1.86
NATH ROYAL LTD	462132	2.43
TINGLI FINVEST PVT LTD	570000	3.00
PRABHA FARMS PRIVATE LIMITED	50271	0.26
PARESH FARMS PRIVATE LIMITED	374	0.00
PITHAMBAR FARMS PRIVATE LIMITED	250000	1.32
ASHU FARMS PRIVATE LIMITED	2088449	10.99
AKASH FARMS PRIVATE LIMITED	1838877	9.68
ARATI FARMS PRIVATE LIMITED	223500	1.18
AGRI TECH INDIA LIMITED	1495131	7.87
JEEVAN INVESTMENT & FINANCE PVT LTD	219	0.00
Sub Total A1	7743266	40.75
A2) Foreign		0.00
A=A1+A2	7743266	40.75

Statement showing shareholding pattern of the Public shareholder

Category of Shareholder	No. of Shares	Percentage of Holding
B1) Institutions		0.00
Mutual Funds/	1002200	5.27
Aditya Birla Sunlife Trustee Private Limited A/C (Mutual Fund)	1000000	5.26
Venture Capital Funds	60440	0.32
Alternate Investment Funds	439560	2.31
Indgrowth Capital Fund I	439560	2.31
Foreign Portfolio Investors	144013	0.76
Financial Institutions/ Banks	16785	0.09
Any Other (specify)	550	0.00
Sub Total B1	1663548	8.75
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	3963403	20.86
Individual share capital in excess of INR 0.200 Million	2239121	11.78
ALPANA S DANGI	504000	2.65
NBFCs registered with RBI	1500945	7.90
Mentor Capital	1500000	7.89
Any Other (specify)	1893717	9.96
Clearing Members	362186	1.91
NRI – Non- Repat	47843	0.25
NRI	252468	1.33
NRI – Repat	5818	0.03
Bodies Corporate	1224522	6.44
Overseas corporate bodies	880	0.00
SATPAL KHATTAR	200000	1.05
Sub Total B3	9597186	50.50
B=B1+B2+B3	11260734	59.25

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Production, Processing, and Marketing of Hybrid and GM Seeds. The Company has a product range of Field crops, Vegetable crops and Micro Nutrient Supplements. [Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code
Hybrid Seed Business	--

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 :	--
Contact No.:	--
Since How Long Known :	--
Experience :	--
Maximum Limit Dealt :	--
Remark :	--

Customers :

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

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	IDBI Bank Limited
Branch :	Survey No. 20292, Ratnaprabha Building, Kesarsingpura, Opposite LIC Building Adalat Road, Aurangabad - 431005, Maharashtra, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Term Loan against Vehicles Secured by hypothecation of vehicles purchased in the name of company/ directors of the company.	0.671	0.000
Term Loan from IFCI Venture Capital Funds Limited Secured by Equitable Mortgage of non-agricultural land situated at Gut No 62/3, admeasuring 2 Acre 13 Gunthas and Gut No 63 (part) admeasuring 3100 Square Meter, Itkheda, Aurangabad and also pledge of fixed deposit of INR 8.874 Million 5. The Loan is personal guaranteed by two promoter directors of the Company.	200.000	150.000
SHORT TERM BORROWINGS
From bank (Secured by way of hypothecation of stock of seeds and trade receivables; collaterally secured by way of mortgage of land and building situated at Gut No 64/2 (part) Itkeda, Aurangabad. Further, loan is secured by way of pledge of stock. Also personally guaranteed by two promoter directors of the Company)	426.917	389.534
Total	627.588	539.534

Auditors :
Name :	Gautam N Associates Chartered Accountants
Address :	Plot No. 30, GNA House, Behind ABC Complex, Manmandir Travels Lane, Adalat Road, Aurangabad-431005, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Associate Companies:	Agri-Tech (India) Limited, India [L01110MH1993PLC073268] Global Transgenes Limited, India [U73100MH2000PLC123602] Nath Bio-Technologies Limited, India [U01110MH1991PLC063077] Nath Royal Seeds Limited, India [U01403MH2010PLC209768]

CAPITAL STRUCTURE

AFTER 24.08.2017

Authorised Capital : INR 210.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19004000	Equity Shares	INR 10/- each	INR 190.040 Million

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
16500000	Equity Shares	INR 10/- each	INR 165.000Million
50000	16% Cumulative Redeemable Preference Shares	INR 100/- each	INR 0.500 Million
	Total		INR 165.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16004000	Equity Shares	INR 10/- each	INR 160.040 Million

The Reconciliation of the numbers of Shares outstanding is stated below:-

Equity Shares	Number of Shares	Amount
Shares outstanding at the beginning of the year	160,04,000	160.040
Shares issued during the year	--
Shares outstanding at the end of the year	160,04,000	160.040

Equity shareholder is eligible for one vote per share held. They are eligible for dividend on the basis of their shareholding. In the case of liquidation, the equity shareholder are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, if any, in proportion to their shareholding.

Details of Shareholders holding more than 5% Shares in the company

Name of Shareholder	Number of Shares	% holding
Akash Farms Private Limited	18,38,877	11.49
Ashu Farms Private Limited	19,88,449	12.42
ARC Trust Fund	25,41,310	15.88
Agri-Tech India Limited	19,78,690	12.36

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	160.040	160.040	160.040
(b) Reserves & Surplus	1215.824	1053.000	911.325
(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)	1375.864	1213.040	1071.365
(3) Non-Current Liabilities
(a) long-term borrowings	200.671	150.000	7.467
(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	20.065	17.864	19.267
Total Non-current Liabilities (3)	220.736	167.864	26.734
(4) Current Liabilities
(a) Short term borrowings	486.088	430.448	201.843
(b) Trade payables	443.528	479.514	515.585
(c) Other current liabilities	341.867	354.021	432.138
(d) Short-term provisions	25.458	22.115	13.769
Total Current Liabilities (4)	1296.941	1286.098	1163.335
TOTAL	2893.541	2667.002	2261.434
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	415.659	284.391	78.538
(ii) Intangible Assets	0.000	20.245	49.416
(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	49.968	0.026	0.023
(c) Deferred tax assets (net)	8.541	8.686	10.559
(d) Long-term Loan and Advances	0.000	100.951	145.586
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	474.168	414.299	284.122
(2) Current assets
(a) Current investments	0.000	49.940	49.940
(b) Inventories	1301.509	1407.398	1170.349
(c) Trade receivables	518.246	453.115	448.756
(d) Cash and cash equivalents	58.470	12.245	15.721
(e) Short-term loans and advances	530.843	320.619	267.902
(f) Other current assets	10.305	9.386	24.644
Total Current Assets	2419.373	2252.703	1977.312
TOTAL	2893.541	2667.002	2261.434

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	1697.256	1621.059	1853.270
	Other Income	6.591	7.082	5.851
	TOTAL	1703.847	1628.141	1859.121
Less	EXPENSES
	Purchases of Stock-in-Trade	19.652	43.601	35.859
	Production Expenses	477.346	614.762	669.368
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	104.042	(244.200)	(297.498)
	Employees benefits expense	137.361	136.344	156.798
	Other expenses	670.343	825.315	941.920
	Prior Year Expenses	0.694	0.188	(0.646)
	TOTAL	1409.438	1376.010	1505.801
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	294.409	252.131	353.320
Less	FINANCIAL EXPENSES	96.571	62.309	45.920
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	197.838	189.822	307.400
Less/ Add	DEPRECIATION/ AMORTISATION	30.304	39.048	43.871
	PROFIT/ (LOSS) BEFORE TAX	167.534	150.774	263.529
Less	TAX	4.709	9.099	9.554
	PROFIT/ (LOSS) AFTER TAX	162.825	141.675	253.975
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	896.899	755.224	501.640
Less	Depreciation adjustment	0.000	0.000	0.391
	Balance Carried to the B/S	1059.724	896.899	755.224
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.095	0.037	0.562
	TOTAL EARNINGS	0.095	0.037	0.562
	IMPORTS
	Purchase of Win Chi Win & Vegetable Seeds	19.916	29.110	8.588
	TOTAL IMPORTS	19.916	29.110	8.588
	Earnings / (Loss) Per Share (INR)	10.17	8.85	15.87

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt
Term Loan from Banks	50.000	0.000	0.000
Vehicle Loan	1.084	7.466	11.506
Deferred Sales Tax Loan	0.000	0.052	1.605
Total	51.084	7.518	13.111
Cash generated from operations	NA	NA	NA
Net Cash Flow from Operating Activities	33.435	(136.253)	59.295

QUARTERLY RESULTS

Particulars	30.06.2017 (Unaudited)	30.09.2017 (Unaudited)	31.12.2017 (Unaudited)
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net sales	1014.970	144.370	257.510
Total Expenditure	781.290	79.110	188.570
PBIDT (Excluding Other Income)	233.680	65.260	68.940
Other income	0.5400	NA	0.300
Operating Profit	234.220	65.260	69.240
Interest	28.540	26.730	27.280
Exceptional Items	NA	NA	NA
PBDT	205.670	38.530	41.960
Depreciation	2.500	2.500	2.500
Profit Before Tax	203.170	36.030	39.460
Tax	2.810	0.460	NA
Provisions and contingencies	NA	NA	NA
Profit after tax	200.360	35.560	39.460
Extraordinary Items	1.390	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	201.750	35.560	39.460

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	111.45	102.02	88.38
Account Receivables Turnover (Income / Sundry Debtors)	3.28	3.58	4.13
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	8237.72	4014.19	5248.01
Inventory Turnover (Operating Income / Inventories)	0.23	0.18	0.30
Asset Turnover (Operating Income / Net Fixed Assets)	0.71	0.83	2.76

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.54	0.54	0.52
Debt Equity Ratio (Total Liability / Networth)	0.54	0.48	0.21
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.94	1.06	1.09
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.30	0.25	0.12
Interest Coverage Ratio (PBIT / Financial Charges)	3.05	4.05	7.69

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	9.59	8.74	13.70
Return on Total Assets ((PAT / Total Assets) * 100)	%	5.63	5.31	11.23
Return on Investment (ROI) ((PAT / Networth) * 100)	%	11.83	11.68	23.71

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.87	1.75	1.70
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.86	0.66	0.69
G-Score Ratio Financial (Networth / Total Assets)	0.48	0.45	0.47
G-Score Ratio Debt (Debts / Equity Capital)	4.61	3.67	1.39
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.87	1.75	1.70

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

STOCK PRICES

Face Value	INR 10/-
Market Value	INR 423.45/-

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	160.040	160.040	160.040
Reserves & Surplus	911.325	1053.000	1215.824
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1071.365	1213.040	1375.864
Long-Term Borrowings	7.467	150.000	200.671
Short Term Borrowings	201.843	430.448	486.088
Current Maturities of Long term debt	13.111	7.518	51.084
Total borrowings	222.421	587.966	737.843
Debt/Equity ratio	0.208	0.485	0.536

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	1853.270	1621.059	1697.256
		(12.530)	4.700

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	1853.270	1621.059	1697.256
Profit	253.975	141.675	162.825
	13.70%	8.74%	9.59%

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	Yes
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

GENERAL INFORMATION

The Company is incorporated under the Companies Act, 1956 and engaged in the business of Production, Processing, and Marketing of Hybrid and GM Seeds. The Company has a product range of Field crops, Vegetable crops and Micro Nutrient Supplements. The major Processing Plants are situated at Aurangabad (MS), and Munipalli, Nizamabad (TG). The company has a Pan India presence for sales through an extensive network of distributrs.

FINANCIAL HIGHLIGHTS AND OPERATIONS

Income from operations during the financial year ended 31st March 2017 was at INR 1697.256 Million as against INR 1621.059 Million representing an increase of approximately 5% over the previous year. Profit after Tax for the year amounted to INR 162.825 Million as against INR 141.675 Million in the previous year representing an increase of 14.93 %. The increase in profits during the year was on account of enhanced sales, improved product mix and operational efficiencies.

RESEARCH AND DEVELOPMENT AND NEW PRODUCTS

Research and Product Development programs at the NBIL have undergone major scientific upgradation, during the last one-decade or so. Advance breeding strategies, with novel genetic resources, gene pyramiding with molecular-aided gene tracking systems, and extensive testing of genetic stocks, breeding lines and hybrids derived thereof, are generating a range of predetermined designer products. Consequently, their recently launched products in the Farmers’ fields, or those at the penultimate stage of Demos or Large-Scale Trials, or in Multi-Location Trials, represent the new breed and benchmark of hybrid seeds: They are endowed with significant genetic enhancement for yield potential, as well as Climate Resilient capability.

NBIL continues to provide substantial financial allocations to further strengthen its RandD programs. The competitive environment in the area of hybrid seeds is rapidly growing worldwide, so also in their country as well. It is no longer good enough to offer high yielding hybrid varieties to the Indian Farmers. It is now becoming a mandatory requirement that such hybrids carry additional built-in value through seed embedded technologies/genes providing durable protection against specific diseases, pests and vagaries of nature (floods/drought/heat stress etc.) Technological up-gradation remains a continual process at the NBIL. In cotton, in addition to stacking GM traits for bollworm protection, they are on the constant lookout for novel germplasm resources for imparting/enhancing resistance/ tolerance against some of the notorious sucking pests, as also dehydration-stress (drought). Big Boll size (for reduced labor and ease in picking) and excellent re-flushing abilities are the additional novelties their new Bt-Cotton products (for Central and South Zone) are almost invariably carrying.

UNSECURED LOAN:

Particulars	31.03.2017 INR In Million	31.03.2016 INR In Million
SHORT TERM BORROWINGS
Deposits from Dealers	34.772	38.714
From Others	24.399	2.200
Total	59.171	40.914

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017

(INR In Million)

Particulars	Quarter Ended		Nine Months Ended
	31.12.2017	30.09.2017	31.12.2017
	(Unaudited)	(Unaudited)	(Unaudited)
Income from operations
Gross Sales Sales/Income from Operations	257.510	143.914	1416.389
Other Operating Income	0.309	0.453	1.297
Total Income from Operations	257.819	144.367	1417.686
Expenses
Cost of materials consumed	245.903	28.911	431.802
Purchase of traded goods	14.435	0.000	16.279
Changes in inventories of finished goods, work-in-progress and traded goods	(180.869)	(0.326)	194.949
Employee benefits expense	40.783	38.262	117.409
Financial costs	27.282	26.732	82.554
Depreciation and amortisation expense	2.500	2.500	7.500
Selling and Distribution expense	42.428	7.295	225.542
Other expenses	25.901	4.968	63.000
Total Expenses	218.364	108.343	1139.036
Profit / Loss from operating before executional items	39.456	36.025	278.651
Exceptional Items	0.000	0.000	(1.386)
Profit from ordinary activities before tax	39.456	36.025	280.037
Tax expense	0.000	0.462	3.267
Net Profit for the period	39.456	35.563	276.770
Paid - up Equity Share Capital (INR 10/- per share)	160.040	160.040	160.040
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	1492.594	1453.138	1492.594
Earnings Per Share (EPS) (face value of INR 10/- each) (not annualised)
a) Basic & b) Diluted	2.47	2.22	17.29

Note:

1. Above financial results are taken on record by the Board of Directors in their meeting held on 14th February 2018.

2. The Company is constantly improving its Product Mix for better profits and launching new research products in various crops.

3. The Company is dealing in one major product segment i.e. Seed Citification.

4. The Company has commenced accounting as per IAS from 1 April 2017.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:-

Particulars	31.03.2017 INR In Million	31.03.2016 INR In Million
Claims against the Company not acknowledged as debts in respect of legal cases including consumer cases.	13.729	10.520
Corporate Guarantee given in favour of ICICI Bank towards crop loan taken by the seed growers of the company	300.000	300.000
Corporate Guarantee given in favour of IDBI Bank towards loan taken by Paithan Mega Food Parks Limited	200.000	200.000

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G39565866	100086500	IFCI VENTURE CAPITAL FUNDS LIMITED	29/03/2017	-	-	100000000.0	IFCI TOWER, 61 NEHRU PLACE, NEW DELHINEW DELHIDL110019IN
2	C80886401	10623910	IFCI VENTURE CAPITAL FUNDS LIMITED	03/03/2016	-	-	150000000.0	IFCI TOWER, 61 NEHRU PLACE, NEW DELHINEW DELHIDL110019IN
3	G38428082	10621946	IDBI BANK LIMITED	29/01/2016	21/02/2017	-	495000000.0	SURVEY NO. 20292, RATNAPRABHA BUILDING,KESARSINGPURA, OPP. LIC BUILDING ADALAT ROAD,AURANGABADMH431005IN
4	G38427373	10604441	IDBI BANK LIMITED	10/11/2015	21/02/2017	-	495000000.0	SURVEY NO. 20292, RATNAPRABHA BUILDING,KESARSINGPURA, OPP. LIC BUILDING ADALAT ROAD,AURANGABADMH431005IN
5	G77765477	10357426	JANAKALYAN SAHAKARI BANK LIMITED	17/05/2012	29/10/2015	20/02/2018	175000000.0	140, VIVEK DARSHAN, OPP. BHAKTI BHAVAN,SINDHI SOCIETY, CHEMBUR,MUMBAIMH400071IN
6	G01918390	10469064	JANAKALYAN SAHAKARI BANK LIMITED	23/12/2013	29/10/2015	25/04/2016	175000000.0	140, VIVEK DARSHAN, OPP. BHAKTI BHAVAN,SINDHI SOCIETY, CHEMBUR,MUMBAIMH400071IN
7	C78786852	10286182	JANAKALYAN SAHAKARI BANK LIMITED	09/05/2011	-	09/02/2016	60000000.0	140, VIVEK DARSHAN, SINDHI SOCIETY,OPP. BHAKTI BHAVAN, CHEMBUR,MUMBAIMH400071IN
8	B93753267	10384182	JANAKALYAN SAHAKARI BANK LIMITED	22/10/2012	-	06/01/2014	30000000.0	140, VIVEK DARSHAN, SINDHI SOCIETY,OPP. BHAKTI BHAVAN, CHEMBUR,MUMBAIMH400071IN

FIXED ASSETS:

TANGIBLE ASSETS

• Freehold Land
• Factory Building
• Live Stock
• Plant and Machineries
• Laboratory Equipment
• Agricultural Equipments
• Office Equipments
• Furniture and Fixture
• Motor Car and Light Vehicle

INTANGIBLE ASSETS

• Brands, Trademarks and Marketing Rights

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 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	VAR
Report Prepared by :	KVT

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	YES
--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.