MIRA INFORM REPORT

Report Date :

19^th May 2006

IDENTIFICATION DETAILS

Name :	DEEPAK VEGPRO PRIVATE LIMITED
Registered Office :	Old Industrial Area, Itarana Road, Alwar-301001, Rajasthan, India
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	19^TH August, 1994
Com. Reg. No.:	17-8689
CIN No.: [Company Identification No.]	U15134RJ1994PTC008689
TAN No.: [Tax Deduction & Collection Account No.]	JPRD02341D
PAN No.: [Permanent Account No.]	AAACD6118P
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in manufacturing of Edible Mustard Oil, Mustard oil cake and Electricity generation

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 375000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are fair. General financial position is satisfactory. Payments are correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	Old Industrial Area, Itarana Road, Alwar-301001, Rajasthan, India
Tel. No.:	91-144-2345406
Factory 1 :	Oil Division : Old industrial Area, Itarana Road, Alwar, Rajasthan Wind Power Division : At Village Gorera , Jaisalmer, Rajasthan

DIRECTORS

Name :	Mr. Ajay Kumar Data
Designation :	Director
Address :	Bhagwati Sadan, Swami Dayanand Marg, Alwar-301001, Rajasthan
Date of Birth/Age :	22/03/1973
Date of Appointment :	11/11/1998
Name :	Mr. Babu Lal Data
Designation :	Director
Address :	Bhagwati Sadan, Swami Dayanand Marg, Alwar-301001, Rajasthan
Date of Birth/Age :	25/02/1952
Date of Appointment :	30/09/2004
Name :	Mr. Vijay Data
Designation :	Director
Address :	Bhagwati Sadan, Swami Dayanand Marg, Alwar-301001, Rajasthan
Date of Birth/Age :	01/07/1955
Date of Appointment :	01/11/2001
Name :	Mr. Niranjan Lal Data
Designation :	Director
Address :	Bhagwati Sadan, Swami Dayanand Marg, Alwar-301001, Rajasthan
Date of Birth/Age :	14/04/1934
Date of Appointment :	28/09/2005

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Mr. Vijay Data	16510
Gayatri Data	10
Mr. Babu Lal Data	10
Ramesh Chand Gupta	10
Mr. Ajay Kumar Data	10
Mr. Deepak Data	3700
Neha Gupta	5500
Durbhi Data	20000
Nirmala Devi	3500
Chameli Devi	13000
Babu Lal Data (HUF)	50000
Pyare Lal Gangr Deen (HUF)	90000
Vijay Agro Mills Private Limited	120000
Bhagwati Agro Products Limited	132500
Vijay Solvex Limited	292000

BUSINESS DETAILS

Line of Business :	The company is engaged in manufacturing of Edible Mustard Oil, Mustard oil cake and Electricity generation
Products :	Product Description Ø Edible Mustard Oil Ø Mustard oil cake Ø Electricity generation

PRODUCTION STATUS

Particulars	Unit	Installed Capacity
Oil Mill	MTPA	24883
Wind Power Plant	MTPA	0.460 MW

GENERAL INFORMATION

No. of Employees :

800

Bankers :

State Bank of Bikaner And Jaipur, Near Bus Stand, Alwar - 301001

Facilities :

Secured loan	(Rs in millions)
S B B J, Alwar CC Limit	57.177
ABN Amro Car Loan	--
S. B. B. J. Alwar Term Loan	9.000
Total	66.177

Banking Relations :	Good
Auditors :	K. L. Datta and Company Chartered Accountants Opp. Clock Tower, Alwar-301001
Associates/Subsidiaries :	Ø Saurabh Agrotech Private Limited Ø Raghuvar India Limited Ø Vijay Dolvex Limited Ø Vijay Industries Ø Vijay Oil Mills Ø Pyarelal Niranganlal and Company Ø Pyarelal Niranganlal Ø Indo Caps private Limited Ø Ajay Containers Ø Goenka Products Private Limited Ø Vcom Advance Engineering Technologies Private limited Ø Shri Bhagwati Farms

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs. 10/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
746770	Equity Shares	Rs. 10/- each	Rs. 7.468 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004	31.03.2003
SHAREHOLDERS FUNDS
1] Share Capital		7.468	7.468	7.468
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		88.981	72.718	53.840
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		96.449	80.186	61.308
LOAN FUNDS
1] Secured Loans		66.177	80.767	39.092
2] Unsecured Loans		32.039	9.205	8.782
TOTAL BORROWING		98.216	89.972	47.874
DEFERRED TAX LIABILITIES		11.641	11.792	7.827
TOTAL		206.306	181.950	117.009
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		48.579	51.291	52.171
Capital work-in-progress
INVESTMENT		68.845	53.029	16.073
DEFERREX TAX ASSETS
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.878	78.727	25.562
	Sundry Debtors	44.793	24.087	24.664
	Cash & Bank Balances	0.471	0.638	1.795
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.561	15.848	20.714
Total Current Assets		136.703	119.300	72.735
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	35.767	35.530	15.448
	Provisions	12.071	6.164	8.553
Total Current Liabilities		47.838	41.694	24.001
Net Current Assets		88.865	77.606	48.734
MISCELLANEOUS EXPENSES		0.017	0.024	0.031
TOTAL		206.306	181.950	117.009

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2005	31.03.2004	31.03.2003
Sales Turnover [including other income]	811.017	783.006	654.063
Profit/(Loss) Before Tax	21.625	25.498	23.030
Provision for Taxation	5.249	6.515	6.200
Profit/(Loss) After Tax	16.377	18.983	16.830
Total Expenditure	789.564	770.517	638.154

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004	31.03.2003
PAT / Total Income	(%)	2.02	2.42	2.57
Net Profit Margin (PBT/Sales)	(%)	2.67	3.26	3.52
Return on Total Assets (PBT/Total Assets}	(%)	11.67	14.95	18.44
Return on Investment (ROI) (PBT/Networth)		0.22	0.32	0.38
Debt Equity Ratio (Total Liability/Networth)		1.51	1.64	1.17
Current Ratio (Current Asset/Current Liability)		2.86	2.86	3.03

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets :

Ø Land

Ø Agriculture Land

Ø Building

Ø Plant and machinery

Ø Misc. Fixed Assets

Ø Furniture and Fixture

Ø Laboratory Expenses

Ø Computer

Ø Car

Ø Office Equipments

Ø Vehicles

Operations :

The company’s turnover was Rs. 811.190 millions as against Rs. 783.596 millions for the previous year showing a growth of 3.52 %. Net profit after tax has declined from Rs. 18.984 millions to Rs. 16.377 millions, showing a negative growth of 13.73 %

Prospectus:

The company is expected to maintain a reasonable rate of growth and the Directors positively view the prospects for the current year with confidences.

Name of the company	DEEPAK VEGPRO PRIVATE LIMITED
Presented By	Mr. Babu Lal Data
1) Date and description of instrument creating the change	30.04.1999 agreement of hypothecation of goods and assets (bank form no. C-1 and C-2)
2) Amount secured by the charge/amount owing on the securities of charge	Cash Credit : Rs. 11.000 millions (Fund base Rs. 10.000 millions and non-fund base Rs. 1.000 millions)
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of Companies Raw material, Stock in Process, Finished Goods, Semi Finished Goods, Stores, Spares and Book debts and other current assets.
4) Gist of the terms and conditions and extent and operation of the charge.	Cash credit : Interest @ 0.75 % above SBAR with a minimum of 13.75 % p.a. with quarterly rest as applicable to the excellent rated companies. Margin as per Bank Rules.
5) Name and Address and description of the person entitled to the charge.	State Bank of Bikaner And Jaipur, Near Bus Stand, Alwar - 301001
6) Date and brief description of instrument modifying the charge	03.01.2005 Supplemental Agreement of loan for increase in the overall limit, supplemental agreement of hypothecation of goods and assets for increase in the overall limit (bank form No. C-I A and C-2 A)
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Originally charge was created on 30.04.99 subsequently modified on 21.04.2001 , 31.05.2002 , 10.06.2003 and 31.03.2004. Now th echarge modified due to change in the overall limit to Rs. 88.500 millions i.e. fund base working capital limit to Rs. 70.000 millions non- fund base limit of Rs. 1.000 millions and term loan of Rs. 17.500 millions secured by first charge by way of hypothecation of company’s raw materials, stock in process, finished goods, semi finished goods stores, spares and book dents and other current assets of the company. First charge over the fixed assets of the company including equitable mortgage of land, building and plant and machinery of the company.
Name of the company	DEEPAK VEGPRO PRIVATE LIMITED
Presented By	Mr. Babu Lal Data
1) Date and description of instrument creating the change	30.04.1999 agreement of hypothecation of goods and assets (bank form no. C-1 and C-2)
2) Amount secured by the charge/amount owing on the securities of charge	Cash Credit : Rs. 11.000 millions (Fund base Rs. 10.000 millions and non-fund base Rs. 1.000 millions)
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of Companies Raw material, Stock in Process, Finished Goods, Semi Finished Goods, Stores, Spares and Book debts and other current assets.
4) Gist of the terms and conditions and extent and operation of the charge.	Cash credit : Interest @ 0.75 % above SBAR with a minimum of 13.75 % p.a. with quarterly rest as applicable to the excellent rated companies. Margin as per Bank Rules.
5) Name and Address and description of the person entitled to the charge.	State Bank of Bikaner And Jaipur, Near Bus Stand, Alwar - 301001
6) Date and brief description of instrument modifying the charge	03.01.2005 Supplemental Agreement of loan for increase in the overall limit, supplemental agreement of hypothecation of goods and assets for increase in the overall limit (bank form No. C-I A and C-2 A)
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Originally charge was created on 30.04.99 subsequently modified on 21.04.2001, 31.05.2002 and 10.06.2003 Now the charge modified due to change in the overall limit to Rs. 98.500 millions i.e. fund base working capital limit to Rs. 50.000 millions non- fund base limit of Rs. 1.000 millions and term loan of Rs. 17.500 millions and short term corporate loan Rs. 30.000 millions secured by first charge by way of hypothecation of company’s raw materials, stock in process, finished goods, semi finished goods stores, spares and book dents and other current assets of the company. First charge over the fixed assets of the company including equitable mortgage of land, building and plant and machinery of the company.
Name of the company	DEEPAK VEGPRO PRIVATE LIMITED
Presented By	Mr. Babu Lal Data
1) Date and description of instrument creating the change	30.04.1999 agreement of hypothecation of goods and assets (bank form no. C-1 and C-2)
2) Amount secured by the charge/amount owing on the securities of charge	Cash Credit : Rs. 11.000 millions (Fund base Rs. 10.000 millions and non-fund base Rs. 1.000 millions)
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of Companies Raw material, Stock in Process, Finished Goods, Semi Finished Goods, Stores, Spares and Book debts and other current assets.
4) Gist of the terms and conditions and extent and operation of the charge.	Cash credit : Interest @ 0.75 % above SBAR with a minimum of 13.75 % p.a. with quarterly rest as applicable to the excellent rated companies. Margin as per Bank Rules.
5) Name and Address and description of the person entitled to the charge.	State Bank of Bikaner And Jaipur, Near Bus Stand, Alwar - 301001
6) Date and brief description of instrument modifying the charge	21.04.2001 Supplemental Agreement of loan for increase in the overall limit, supplemental agreement of hypothecation of goods and assets for increase in the overall limit (bank form No. C-I A , C-2 A and C – 3A)
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Originally charge was created on 30.04.99. Now the charge modified due to change in the overall limit to Rs. 26.000 millions i.e. fund base working capital limit to Rs. 2.500 millions from 10.000 millions and non- fund base limit of Rs. 1.000 millions. interest @ 1.75 % above SBBI PLR within minimum of 14.25 % p.a. as applicable to SBBI rated company with quarterly rest subject to change from time to time. Secured by first charge by way of hypothecation of company’s raw materials, stock in process, finished goods, semi finished goods stores, spares and book debts and other current assets of the company.
Name of the company	DEEPAK VEGPRO PRIVATE LIMITED
Presented By	Mr. Vijay Data
1) Date and description of instrument creating the change	30.04.1999 agreement of hypothecation of goods and assets (bank form no. C-1 and C-2)
2) Amount secured by the charge/amount owing on the securities of charge	Cash Credit : Rs. 11.000 millions (Fund base Rs. 10.000 millions and non-fund base Rs. 1.000 millions)
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of Companies Raw material, Stock in Process, Finished Goods, Semi Finished Goods, Stores, Spares and Book debts and other current assets.
4) Gist of the terms and conditions and extent and operation of the charge.	Cash credit : Interest @ 0.75 % above SBAR with a minimum of 13.75 % p.a. with quarterly rest as applicable to the excellent rated companies. Margin as per Bank Rules.
5) Name and Address and description of the person entitled to the charge.	State Bank of Bikaner And Jaipur, Near Bus Stand, Alwar - 301001
6) Date and brief description of instrument modifying the charge	10.06.2003 Supplemental Agreement of loan for increase in the overall limit, supplemental agreement of hypothecation of goods and assets for increase in the overall limit (bank form No. C-I A and C-2 A)
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Originally charge was created on 30.04.99 subsequently modified on 21.04.2001& 31.05.2002 Now the charge modified due to change in the overall limit to Rs. 68.500 millions i.e. fund base working capital limit to Rs. 50.000 millions non- fund base limit of Rs. 1.000 millions and term loan of Rs. 17.500 millions. Secured by first charge by way of hypothecation of company’s raw materials, stock in process, finished goods, semi finished goods stores, spares and book dents and other current assets of the company. First charge over the fixed assets of the company including equitable mortgage of land, building and plant and machinery of the company.
Name of the company	DEEPAK VEGPRO PRIVATE LIMITED
Presented By	Mr. Babu Lal Data
1) Date and description of instrument creating the change	30.04.1999 agreement of hypothecation of goods and assets (bank form no. C-1 and C-2)
2) Amount secured by the charge/amount owing on the securities of charge	Cash Credit : Rs. 11.000 millions (Fund base Rs. 10.000 millions and non-fund base Rs. 1.000 millions)
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of Companies Raw material, Stock in Process, Finished Goods, Semi Finished Goods, Stores, Spares and Book debts and other current assets.
4) Gist of the terms and conditions and extent and operation of the charge.	Cash credit : Interest @ 0.75 % above SBAR with a minimum of 13.75 % p.a. with quarterly rest as applicable to the excellent rated companies. Margin as per Bank Rules.
5) Name and Address and description of the person entitled to the charge.	State Bank of Bikaner And Jaipur, Near Bus Stand, Alwar - 301001
6) Date and brief description of instrument modifying the charge	03.01.2005 Supplemental Agreement of loan for increase in the overall limit, supplemental agreement of hypothecation of goods and assets for increase in the overall limit (bank form No. C-I A and C-2 A)
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Originally charge was created on 30.04.99 subsequently modified on 21.04.2001. Now the charge modified due to change in the overall limit to Rs. 41.000 millions i.e. fund base working capital limit to Rs. 40.000 millions non- fund base limit of Rs. 1.000 millions. Interest at par with PLR raising or falling therewith. Secured by first charge by way of hypothecation of company’s raw materials, stock in process, finished goods, and semi finished goods stores, spares and book dents and other current assets of the company. First charge over the fixed assets of the company including equitable mortgage of land, building and plant and machinery of the company.

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	Rs. 45.68
UK Pound	1	Rs. 85.33
Euro	1	Rs. 58.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

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