MIRA INFORM REPORT

Report Date :

15.10.2008

IDENTIFICATION DETAILS

Name :	DHANLAXMI SOLVEX PRIVATE LIMITED
Registered Office :	201, Bansi Plaza, 581 M G Road, Indore – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	17.01.2006
Com. Reg. No.:	10-18304
CIN No.: [Company Identification No.]	U15141MP2006PTC018304
TAN No.: [Tax Deduction & Collection Account No.]	BPLD02518F
PAN No.: [Permanent Account No.]	AACCD3078J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Soya Meal, di-oil Cakes, Soya Lecthin, Soya Oils and Other Soya Products.

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 320000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Trade relations are fair. General financial position is good. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings.

LOCATIONS

Registered Office/ Factory :	201, Bansi Plaza, 581 M G Road, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-3012233/ 34/ 35
Mobile No.:	91-9826026026
E-Mail :	dhanlaxmi.solvex@gmail.com rankaautomobile@gmail.com

DIRECTORS

Name :	Mr. Satish Manglani
Designation :	Director
Address :	56, Gulmarg Colony, Indore – 452001, Madhya Pradesh, India
Date of Birth/Age :	12.06.1973
Date of Appointment :	17.01.2006
Name :	Mr. Rajendra Manglani
Designation :	Director
Address :	56, Gulmarg Colony, Indore – 452001, Madhya Pradesh, India
Date of Birth/Age :	23.06.1964
Date of Appointment :	25.01.2007
Partnership Firm:	Manglani and Sons 201, Bansi Plaza, 581, M G Road, Indore – 452001, Madhya Pradesh, India
Name :	Ms. Sonia Manglani
Designation :	Director
Address :	56, Gulmarg Colony, Indore – 452001, Madhya Pradesh, India
Date of Birth/Age :	12.10.1969
Date of Appointment :	01.02.2007
Partnership Firm:	Agri Business International 202 Bansi Plaza, 581, M G Road, Indore – 452001, Madhya Pradesh, India
Other Directorship :	Pooja Soya Industries Private Limited Director U15141MP2006PTC018982

KEY EXECUTIVES

Name :	Ankita Khandelwal
Designation :	Company Secretary
Address :	63 Sneh Nagar, Sapna Sangita Main Road, Indore

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 30.09.2005)

Names of Shareholders	No. of Shares
Satish Manglani	86400
Rajendra Manglani	110000
Sonia Manglani	80000
Rajkumar Ghanshyam Das Paryani	20000
Dhnaesh Nandlal Manglani	100000
Nandlal Manglani	70000
Nandlal Gokuldas Manglani	114000
Rajendra Manglani HUF	70000
Archana	60000
Karti	60000
Nirmala Manglani	60000
Total	830400

(As on 31.03.2007)

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Soya Meal, di-oil Cakes, Soya Lecthin, Soya Oils and Other Soya Products.

GENERAL INFORMATION

Bankers :

State Bank of Indore Yeshwant Niwas Road Branch, Indore – 452001, Madhya Pradesh, India ICICI Bank Limited, Indore HDFC Bank Limited, Indore Axis Bank Limited, Indore Punjab National Bank

Banking Relations :	Satisfactory
Auditors :
Name :	Amit Surana and Company Chartered Accountant
Address :	106 Trade House, 14/3 South Tukoganj, Indore – 452001, India
Tel No.:	91-731-2526730
Associates/Subsidiaries :	Pooja Soya Industries Private Limited U15141MP2006PTC018982 Manglani and Sons 201, Bansi Plaza, 581, M G Road, Indore – 452001, Madhya Pradesh, India Agri Business International 202 Bansi Plaza, 581, M G Road, Indore – 452001, Madhya Pradesh, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
830400	Equity Shares	Rs.10/- each	Rs.8.304 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		8.304	0.380
2] Share Application Money		0.000	3.750
3] Reserves & Surplus		56.408	0.395
4] (Accumulated Losses)		0.000	0.000
NETWORTH		64.712	4.525
LOAN FUNDS
1] Secured Loans		187.785	0.000
2] Unsecured Loans		49.015	32.240
TOTAL BORROWING		236.800	32.240
DEFERRED TAX LIABILITIES		0.592	0.006
TOTAL		302.104	36.771
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.170	0.098
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	158.519	22.503
	Sundry Debtors	221.643	17.381
	Cash & Bank Balances	2.713	3.286
	Other Current Assets	0.000	0.000
	Loans & Advances	302.555	15.753
Total Current Assets		685.430	58.923
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	410.330	21.897
	Provisions	13.279	0.504
Total Current Liabilities		423.609	22.401
Net Current Assets		261.821	36.522
MISCELLANEOUS EXPENSES		0.113	0.151
TOTAL		302.104	36.771

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006
Sales Turnover		1731.411	73.228
Other Income		2.169	0.070
Total Income		1733.580	73.298
Profit/(Loss) Before Tax		36.850	0.596
Provision for Taxation		12.533	0.201
Profit/(Loss) After Tax		24.317	0.395
Export Value		42.942	NA
Expenditures :
	Cost of Goods Sold	86.079	2.811
	Administrative Expenses	230.156	9.765
	Raw Material Consumed	1407.709	65.262
	Insurance Expenses	0.038	0.038
	Depreciation & Amortization	1.374	0.003
	Other Expenditure	(28.626)	(5.177)
Total Expenditure		1696.730	72.702

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006
PAT / Total Income	(%)	1.40	0.54
Net Profit Margin (PBT/Sales)	(%)	2.13	0.81
Return on Total Assets (PBT/Total Assets}	(%)	5.08	1.01
Return on Investment (ROI) (PBT/Networth)		0.57	0.13
Debt Equity Ratio (Total Liability/Networth)		10.21	12.08
Current Ratio (Current Asset/Current Liability)		1.62	2.63

LOCAL AGENCY FURTHER INFORMATION

Nil

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.48.14
UK Pound	1	Rs.82.73
Euro	1	Rs.65.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	5
--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	YES
--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.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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