MIRA INFORM REPORT

Report Date :

16.04.2011

IDENTIFICATION DETAILS

Name :	MAHAAN PROTEINS LIMITED (w.e.f. 02.02.1996)
Formerly Known As :	LACTO PROTEIN INDIA LIMITED
Registered Office :	D-17, Panchsheel Enclave, New Delhi
Country :	India
Financials (as on) :	31.03.2010 (Provisional)
Date of Incorporation :	11.06.1992
Com. Reg. No.:	55-049149
CIN No.: [Company Identification No.]	U01111DL1992PLC049149
IEC No.:	0592037428
TAN No.: [Tax Deduction & Collection Account No.]	DELM10092F
PAN No.: [Permanent Account No.]	AACM6588J
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Dispatch of Casein and Caseinates, Whey Protein Concentrate, Lactose, Milk Protein Concentrate, Milk Minerals, Dry Milk Powder and Allied Products and Pure Ghee.

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

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject is an old and established company having moderate track. The company has been successful in wiping-off all its previous losses during 2009-10. The valuation report and networth statement provided seems to be satisfactory. No complaints have been heard from indirect or market sources. It would be advisable to take adequate securities while dealing with the subject.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Ajay Nagpal
Designation :	Chief Financial Officer
Contact No.:	91-9650100492
Date :	30.03.2011

LOCATIONS

Registered Office :	D-17, Panchsheel Enclave, New Delhi, India
Tel No.:	91-11-23353191
Fax No.:	91-11-23718056
E-Mail :	rajiv.goyal@mahaanproteins.com mahaangroup@vsnl.com
Website :	http://www.mahaaproteins.com
Corporate Office :	78/3, 2^nd Floor, Janpath, New Delhi-110001, India
Tel. No.:	91-11-23353191/ 23353192/ 3/ 4/ 23356086/ 7/8/ 9
Mobile No.:	91-9650100492 (Mr. Ajay Nagpal)
Fax No.:	91-11-23718056
E-Mail :	info@mahaanproteins.com mahaangroup@vsnl.com rajiv.goyal@mahaanproteins.com
Area :	3000 sq.ft. (Rented)
Factory :	Village- Barhna Tumhera Road, Kosi Kalan (Mathura) Uttar Pradesh, India
Tel. No.:	91-5662-232871/ 2322872
Fax No.:	91-5662-232873
E-Mail :	info@mahaanproteins.com
Area :	13 acre (Owned)
Branch Office:	116, Udyog Bhavan, Sonawal Street, Goregaon East, Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-26867100
E-Mail :	info@mahaanproteins.com
Area :	610 sq.ft. (Rented)

DIRECTORS

As on 28.01.2011

Name :	Mr. Rajiv Goyal
Designation :	Director
Address :	B-14, Second Floor, Saket, New Delhi-110017, India
Date of Birth/Age :	05.08.1965
Qualification :	MBA
Experience :	25 Years
Date of Appointment :	31.12.2009
DIN No.:	00220892
Name :	Mr. Ramesh Koul
Designation :	Additional Director
Address :	326, Ashirwad Enclave, I.P. Extension, Patparganj, Delhi-92, India
Date of Birth/Age :	21.11.1953
Qualification :	B.Tech
Experience :	30 Years
Date of Appointment :	10.09.2010
DIN No.:	03187110
Name :	Mr. Rajay Goyal
Designation :	Additional Director
Address :	L 1/8, 2^nd Floor, Hauz Khas Enclave, New Delhi-110010, India
Date of Birth/Age :	03.04.1967
Qualification :	MBBS
Experience :	23 Years
Date of Appointment :	10.09.2010
DIN No.:	03192623
Name :	Mr. Som Nath Dua
Designation :	Director
Address :	192, Sector -21B, Faridabad-121001, Haryana, India
Date of Birth/Age :	20.02.1941
Date of Ceasing:	23.03.2010
DIN No.:	00003510
Name :	Mr. Harish Chandra Gandhi
Designation :	Additional Director
Address :	F-577, Afnoe Plot-11, Sector-7, Dwarka, Delhi-110075, India
Date of Birth/Age :	21.04.1932
Date of Ceasing:	23.03.2010
DIN No.:	00062484
Name :	Mr. Amar Nath Goyal
Designation :	Director
Address :	D-17, Panchsheel Enclave, New Delhi-110017, India
Date of Birth/Age :	28.12.1932
Date of Ceasing:	10.09.2010
DIN No.:	00221152

KEY EXECUTIVES

Name :	Mr. Ajay Nagpal
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Rajiv Goyal Group	17070448
Schroder Credit Renaissance Funds Limited, Bermuda	6458688
Creditrenaissance Deveoopment Fund Limited LP USA	1809135
Others	496481
Total	25834752

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Dispatch of Casein and Caseinates, Whey Protein Concentrate, Lactose, Milk Protein Concentrate, Milk Minerals, Dry Milk Powder and Allied Products and Pure Ghee.
Products :	Casein Rennet Casein Industrial Acid Casein Edible Acid Casein Caseinate Sodium Caseinate Calcium Caseinate Instant Pottassium Caseinate Instant Magnesium Caseinate Instant Calcium Caseinate Instant Sodium Caseinate Whey Protein Concentrate Whey Protein Concertrate- 70% Instant Whey Protein Concentrate- 70% Whey Protein Concentrate- 34% Lactose Lactose Pharmaceutical Grade Lactose Edible Grade Whey Powders Demineralised Whey Powder- 90% Delmineralised Whey Powder- 70% Demineralised Whey Powder- 45% Whey Powder- Sparay Dried Natural Milk Calcium Natural Milk Calcium Powder Milk Powder and Milk Fat Butter Milk Powder Instant Full Cream Milk Powder Skimmed Milk Powder Skimmed Milk Powder Formulation Spary Dried Dairy Whitener Anhydrous Milk Powder/ Butter Ghee Hydrolysed Proteins Hydrolysed Whey Protein Hydrolysed Casein Protein Bakery Formulations Egg Replacer Cake Premix Non- Dairy Whipped Toppint Premix Emulsifier and Stabilizers fro Bakery Blendcs Cheese Formulations Imitation Mozerella premix Imitation Processed Cheese Premix Imitation Cream Cheese Premix Sports Formulations Whey Proteins Shake Fat Loss Supplements Energy Enhancers Muscle Building
Brand Names :	Mahaan
Exports :
Products :	Casien
Countries :	Germany Korea Kenya Turkey USA Poland France Hungary Indonesia
Imports :
Products :	Whey Powder Concerntrage
Countries :	Germany
Terms :
Selling :	Cash and Credit (30-60 Days)
Purchasing :	L/C, Cash and Credit (30 Days)

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Installed Capacity	Actual Production
Casein, Casinate, Gheee, Whey Powder	650000 Ltr/ per day	55368 MT

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Actual Production
Ghee	3367.43
Casein	1413.63
Whey Protein Concentrate	425.23
Whey Powder	1262.66

GENERAL INFORMATION

Suppliers :

• Milei Gmbh, Germany

Customers :

Wholesalers and End Users

• Lactoport Deuschland Gmbh, Germany
• Paz Ingredients Inc, USA

No. of Employees :

Approximately 282(Office 40, Factory 225, Branch 17)

Bankers :

• Industrial Reconstruction Bank of India (IRBI), 19, Netaji Subhash Road, Calcutta-700001, West Bengal, India
• Axis Bank Limited, 4/10, OPG House, Asaf Ali Road, New Delhi-110002, India
• Corporation Bank, Mahipalpur Branch

Facilities :

Secured Loans	31.03.2010 Provisional (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Working Capital Loan From Banks (Secured by way of Hypothecation of Entire Stock of Raw Material, Stock in process, Stores and Spares and Packing Material and All block debts of the company. First charge on the Fixed Assets of the company and personal guarantee of the directors)	53.071	42.306
Buyers Credit	13.461	0.000
Vehicles Loan from Bank (Secured against hypothecation of Cars) (Amount repayable with in one year – Current year Rs. 0.541 Million (Previous year Rs. 0.607 Millions))	0.078	0.819
Total	66.610	43.125
Unsecured Loans	31.03.2010 Provisional (Rs. in Millions)	31.03.2009 (Rs. in Millions)
From Directors	1.153	1.153
From Others	39.636	39.636
From Government of India (MFPI)	3.000	3.000
External Commercial Borrowings	51.491	57.319
Interest Accrued And Due	0.220	0.389
Total	95.500	101.497

Banking Relations :	--
Auditors :
Name :	Dawar Mathur and Goel Chartered Accountant
Address :	41, Vivekanand Puri Sarai Rohilla, Delhi-110007, India
Tel. No.:	91-11-23691325
E-Mail :	arungoelca@yahoo.co.in
Enterprise owned or significantly influenced by individuals :	Ace Itnernational Amar Vikas Sansthan Mahaan Foods Limited Advance Circuits India Private Limited Zeon Lifesciences Limited
Associates/Subsidiaries :	Enhance Proteins Limited Address: 78/3, 2^nd Floor, Janpath, New Delhi-110001, India Activity: Bakery and Confectionery

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
26000000	Equity Shares	Rs. 10/- each	Rs. 260.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25834752	Equity Shares	Rs. 10/- each	Rs. 258.348 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010 (Provisional)	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		258.348	258.348	258.348
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.627	193.927	193.927
4] (Accumulated Losses)		0.000	[191.086]	[122.913]
NETWORTH		266.975	261.189	329.362
LOAN FUNDS
1] Secured Loans		66.610	43.125	1.221
2] Unsecured Loans		95.500	101.497	91.892
TOTAL BORROWING		162.110	144.622	93.113
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		429.085	405.811	422.475
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		349.910	145.913	174.920
Capital work-in-progress		0.000	109.305	68.515
INVESTMENT		0.000	0.000	0.023
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	227.877	173.674	228.743
	Sundry Debtors	67.558	76.633	95.947
	Cash & Bank Balances	35.406	18.704	57.873
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	60.158	39.940	65.569
Total Current Assets		390.999	308.951	448.132
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	210.256	119.173	168.113
	Other Current Liabilities	91.247	30.323	89.132
	Provisions	10.958	10.137	11.870
Total Current Liabilities		312.461	159.633	269.115
Net Current Assets		78.538	149.318	179.017
MISCELLANEOUS EXPENSES		0.637	1.275	0.000
TOTAL		429.085	405.811	422.475

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010 (Provisional)	31.03.2009	31.03.2008
	SALES
		Income	1511.817	1519.747	2592.354
		Other Income	31.165	12.263	108.288
		TOTAL (A)	1542.982	1532.010	2700.642
Less	EXPENSES
		Raw Material Consumed	1391.467	1249.026	2249.074
		Purchase for Resale	0.000	0.000	8.800
		Manufacturing and Other Expenses	159.524	261.178	470.838
		Impairment of Plant and Machinery	0.000	0.000	8.220
		Amortization of FCMITDA	0.637	1.116	0.000
		Increase/ Decrease in Finished Goods	[54.791]	51.830	[169.835]
		Prior Period Adjustment	0.561	0.146	1.710
		TOTAL (B)	1497.398	1563.296	2568.807
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.584	[31.286]	131.835
Less	FINANCIAL EXPENSES (D)		6.693	6.395	28.408
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.891	[37.681]	103.427
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.105	29.773	56.591
	PROFIT BEFORE TAX (E-F) (G)		5.786	[67.454]	46.836
Less	TAX (H)		0.000	[0.719]	1.706
	PROFIT AFTER TAX (G-H) (I)		5.786	[68.173]	45.130
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		--	[122.913]	[168.043]
	BALANCE CARRIED TO THE B/S		--	[191.086]	[122.913]
	EARNINGS IN FOREIGN CURRENCY
		Sales	1.770	3.046	40.886
		Interest earned in Foreign Bank Account	0.026	0.227	0.062
	TOTAL EARNINGS		1.796	3.273	40.948
	IMPORTS
		Raw Materials	NA	11.179	4.231
		Stores & Spares	NA	0.802	16.325
		Capital Goods	NA	19.011	25.482
	TOTAL IMPORTS		NA	30.992	46.038
	Basic and Diluted Earnings Per Share (Rs.)		0.22	[2.64]	2.04

KEY RATIOS

PARTICULARS		31.03.2010 (Provisional)	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.37	[4.45]	1.67
Net Profit Margin (PBT/Sales)	(%)	0.38	[4.44]	1.81
Return on Total Assets (PBT/Total Assets}	(%)	0.78	[14.83]	7.52
Return on Investment (ROI) (PBT/Networth)		0.02	[0.26]	0.14
Debt Equity Ratio (Total Liability/Networth)		1.78	1.16	1.10
Current Ratio (Current Asset/Current Liability)		1.25	1.94	1.67

LOCAL AGENCY FURTHER INFORMATION

NETWORTH STATEMENT

MR. RAJIV GOYAL

(Director)

DETAILS OF THE ASSETS	Value as on Dated (Rs. in Millions)
A. Details of Immovable property
i) Residential Property - Market Value (As per Valuation Certificate Dated 23.08.2010)	50.000
ii) Commercial Properties	16.738
TOTAL (A)	66.738
B. Details of Movable Properties
TOTAL (B)	187.040
C. Details of Liabilities
i) Secured Loan	27.622
Unsecured Loan	1.792
Total (C)	29.414
NET ASSETS (A+B-C)	224.364

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MRS. DEEPA GOYAL

(Director)

DETAILS OF THE ASSETS	Value as on Dated (Rs. in Millions)
A. Details of Immovable property
Commercial Property (As per Valuation Certificate Dated 23.08.2010)	67.800
TOTAL (A)	67.800
B. Details of Movable Properties
i) Bank Balances on 10.09.2010	0.248
ii) Investment
a) Share and Securities	3.704
b) Receivables	16.383
TOTAL (B)	20.335
C. Details of Liabilities
Total (C)	--
NET ASSETS (A+B-C)	88.135

------------------------------------------------------------------------------------------------------------------------------

PROJECT REPORT

(Rs. in Millions)

Particulars	2011-12	2012-13	2013-14	2014-15
Daily Milk Handling (KG)	994609	1053058	1101508	1159957
Capacity	1200000	1200000	1200000	1200000
SALES	2011-12	2012-13	2013-14	2014-15
Ghee	1109.200	1965.400	2132.100	2310.600
Casein	570.200	890.300	993.200	1104.200
Whey Protein	190.700	278.700	304.800	332.900
Lactose / Whey Powder	110.800	202.800	221.900	242.300
Milk	232.100	464.100	584.800	767.600
PSMP	56.300	84.000	93.800	104.200
Skimmed Milk Powder	262.500	551.300	578.800	607.800
Mozarella Cheese	835.400	1169.600	1228.100	1289.500
TOTAL SAES	3367.100	5606.100	6137.400	6759.000
PROFITABILITY	2011-12	2012-13	2013-14	2014-15
Gross Revenue	3391.100	5636.100	6173.4001	6809.000
EBIDTA	315.200	671.600	819.500	1009.000
EBIDTA (%)	9.4	12.0	13.4	14.9

OPERATING STATEMENT

(Rs. in Millions)

Particulars	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015	31.03.2016
1. Gross Sales
(i) Domestic Sales	1320.000	3367.100	5606.100	6137.400	6759.000	7097.000
(ii) Export Sales	320.000	--	--	--	--	--
(iii) Contract Manufacturing	--	24.000	30.000	36.000	50.000	50.000
TOTAL	1640.000	3391.100	5636.100	6173.400	6809.000	7147.000
2. Less Excise Duty	--	--	--	--	--	--
3. Net Sales	1640.000	3391.100	5636.100	6173.400	6809.000	7147.000
4. % Age Rise (+) or Fall (-) in Net Sales as compare to previous year	6%	107%	66%	10%	5%	5%
5. Cost of Sales
i) Raw Material (Including Stores and other items used in the process of manufacture)	1400.000	2853.800	4505.800	4887.600	5330.800	5698.500
ii) Other Spares	10.000	27.500	41.500	42.300	42.700	43.200
iii) Power and Fuel	60.000	115.200	141.600	144.500	145.900	147.300
iv) Direct Labour (Factory wages and Salary)	35.000	44.500	56.500	65.000	73.500	81.900
v) Other Manufacturing Expenses	57.000	86.400	127.500	132.200	137.600	142.500
vi) Depreciation	33.500	41.600	41.600	41.600	41.600	41.600
vii) SUB –TOTAL	1595.500	3168.900	4914.500	5313.300	5772.100	6155.000
viii) Add: Opening Stock in process	39.900	35.000	60.300	60.300	60.300	60.300
SUB- TOTAL	1635.400	3203.900	4974.800	5373.600	5832.400	6215.300
ix) Deduct: Closing Stock in Process	35.000	60.300	60.300	60.300	60.300	60.300
x) Cost of Production	1600.400	3143.600	4914.500	5313.300	5772.100	6155.000
xi) Add: Opening Stock on Finished Goods	165.800	180.000	348.600	348.600	348.600	348.600
Sub- Total	1766.200	3323.600	5263.100	5661.900	6120.700	6503.600
xii) Deduct Closing stock of Finished Goods	180.000	348.600	348.600	348.600	348.600	348.600
xiii) Sub- Total (Total Cost of Sales)	1586.200	2975.000	4914.500	5313.300	5772.100	6155.000
6. Selling, General and Administrative Expenses	27.500	60.100	91.500	98.900	105.800	110.600
7. Sub- Total	1613.700	3035.200	5006.000	5412.200	5877.900	6265.600
8. Operating Profit Before Interest	26.300	355.900	630.000	761.200	931.100	881.300
9. Interest	10.200	96.700	105.900	49.900	8.000	5.700
10. Operating Profit After Interest	16.100	259.200	524.100	711.300	923.100	875.600
11. i) Add Other non operating income	--	--	--	--	--	--
A) Miscellaneous Income	--	--	--	--	--	--
B) Interest
C) Exceptional Item (Write Back)	--	--	--	--	--	--
SUB- TOTAL (INCOME)	--	--	--	--	--	--
ii) Deduct Other non-operating Expenses	--	--	--	--	--	--
A) Miscellaneous Expenses Written off	--	--	--	--	--	--
B) Prior Period	--	--	--	--	--	--
Sub- Total (Expenses)	--	--	--	--	--	--
iii) Net of Other non-operative income/ expenses	--	--	--	--	--	--
12. Profit Before Tax/ loss	16.100	259.200	524.100	711.300	923.100	875.600
13. Provision for Taxes	--	38.900	78.600	241.900	313.900	297.700
14. Net Profit/ Loss	16.100	220.300	445.500	469.500	609.300	577.900
		6.50	7.90	7.60	8.95	8.09
15 a) Equity Dividend Paid- Amount	--	--	--	--	--	--
b) Dividend Rate	--	--	--	--	--	--
16. Retained Profit	16.100	220.300	445.500	469.500	609.300	577.900
17. Retained Profit / Net Profit % Age	100%	100%	100%	100%	100%	100%

ANALYSIS OF BALANCE SHEET

(Rs. in Millions)

Particulars	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015	31.03.2016
Current Liabilities
1. Short – term borrowing form banks (Including bills purchased, discounted and excess borrowings placed on repayment basis)
i) From Other Banks	275.300	936.800	678.700	299.800	--	--
ii) From Other Banks	--	--	--	--	--	--
SUB – TOTAL (A)	275.300	936.800	678.700	299.800	--	--
2. Short Term Borrowings from Others	--	--	--	--	--	--
3. Sundry Creditors (Trade)	10.500	--	--	--	--	--
4. Advance Payments from Customers/ Deposits from Dealers	20.000	--	--	--	--	--
5. Provision for Taxation	--	--	--	--	--	--
6. Dividend Payable	--	--	--	--	--	--
7. Other Statutory Liabilities (Due within one year)	2.500	2.500	2.500	2.500	2.500	2.500
8. Deposits/ Installments of Term Loan/ DPGS/ Debentures etc. (Due Within one year)	--	--	--	--	--	--
9. Other Current Liabilities and provision (Due within 1 year) (Specify Major Items_	10.000	12.500	15.000	20.000	20.000	20.000
Sub Total (B)	43.000	15.000	17.500	22.500	22.500	22.500
10. Total Current Liabilities	318.300	951.800	696.200	322.300	22.500	22.500
TERM LIABILITIES
11. Debentures (Within one year)	--	--	--	--	--	--
12. Preference Shares (Redeemable After One Year)	--	--	--	--	--	--
13. Term Loan (Excluding Installment) Payable within one year	51.800	156.800	156.800	156.800	156.800	156.800
14. Deferred Payment credits (Excluding installments due within one year)	9.700	9.700	9.700	9.700	9.700	9.700
15. Term Deposits (Repayable after one year)	--	--	--	--	--	--
16. Other Term Liabilities	84.500	20.000	--	--	--	--
17. Total Term Liabilities	146.000	186.500	166.500	166.500	166.500	166.500
18. Total Outside Liabilities	464.300	1138.300	862.700	488.800	189.000	189.000
NET WORTH
19. Ordinary Share Capital	258.300	358.300	358.300	358.300	358.300	358.300
20. General Reserve	--	--	--	--	--	--
21. Share Application Money	30.000	--	--	--	--	--
22. Other Reserves (Excluding provisions)	0.300	0.300	0.300	0.300	0.300	0.300
23. Surplus or deficit in profit and loss account	21.900	242.200	687.700	1157.200	1766.500	2344.400
24. a. Others (Capital Subsidy)	2.500	2.500	2.500	2.500	2.500	2.500
24. NET WORTH	313.100	603.400	1048.900	1518.400	2127.600	2705.600
25. Total Liabilities	777.300	1741.700	1911.600	2007.200	2316.600	2894.600
CURRENT ASSETS
26. Cash and Bank Balances	1.000	17.200	24.100	70.700	316.500	875.700
27. Investment (Other than long term Investment)	--	--	--	--	--	--
i) Government and Other Trustee Securities	--	--	--	--	--	--
ii) Fixed Deposits with Banks	--	--	--	--	--	--
28 i) Receivables other than deferred an exports (Including bills purchased and discounted by banks)	105.000	655.800	840.900	920.600	1013.900	1064.500
ii) Export Receivables (Including Bills purchased and discounted by banks)	--	--	--	--	--	--
29. Installments of Deferred receivables (Due within one year)	--	--	--	--	--	--
30. Inventory:
i) Raw Materials (Including stores and other items used in the process of manufacture)
a) Imported	40.000	75.100	82.600	82.200	93.300	102.500
b) Indigenous	7.500	20.000	30.000	40.000	40.000	40.000
ii) Stock in Progress	35.000	60.300	60.300	60.300	60.300	60.300
iii) Finished Goods	180.000	348.600	348.600	348.600	348.600	348.600
iv) Other consumables spares
a) Imported	10.000	24.000	13.600	15.000	15.900	16.400
b) Indigenous	2.500	17.500	30.000	30.000	30.000	30.000
31. Advances to suppliers of raw material and stores/ spares	10.000	20.000	20.000	20.000	20.000	20.000
32. Advance payment of taxes	--	--	--	--	--	--
33. Others current assets (Specify Major items)	20.000	30.000	30.000	30.000	30.000	30.000
34. Total Current Assets	411.000	1268.600	1480.200	1617.400	1968.500	2588.000
Fixed Assets
35. Gross Block (Land and Building, Machinery, Work in progress)	902.400	1050.600	1050.600	1050.600	1050.600	1050.600
36. Depreciation to Date	536.000	577.600	619.200	660.800	702.400	744.000
37. NET BLOCK	366.400	473.000	431.400	389.800	348.200	306.600
Other Non- Current Assets
Investments/ Book Debts/ Advances. Deposits which are not current assets	--	--	--	--	--	--
i) a) Investments in Subsidiary companies / Affiliates	--	--	--	--	--	--
b) Others	--	--	--	--	--	--
ii) Advances to suppliers of Capital Goods and Contracts	--	--	--	--	--	--
iii) Deferred Receivables (Maturity Exceeding one year)	--	--	--	--	--	--
iv) Others	--	--	--	--	--	--
39. Non- Consumables Stores and Spares	--	--	--	--	--	--
40. Others Non-Current Assets Including Dues from Directors	--	--	--	--	--	--
41. Total Other non-current assets	--	--	--		--	--
42. Intangible Assets (Patents, Goodwill, Preliminary Expenses, Bad Doubtful Expenses not Provided etc.)	--	--	--	--	--	--
43. Total Asses	777.400	1741.600	1911.600	2007.200	2316.700	2894.600
44. Tangible Net Worth	313.100	603.400	1048.900	1518.400	2127.600	2705.600
45. Net Working Capital	92.700	316.900	784.000	1295.100	1945.900	2565.500
46 a) Current Ratio	1.29	1.33	2.13	5.02	87.49	115.02
47. Total Outside Liabilities/ Tangible Networth	1.48	1.89	0.82	0.32	0.09	0.07
48. Total Term Liabilities/ Tangible Net Worth	0.47	0.31	0.16	0.11	0.08	0.06
Additional Information
a) Arrears of Depreciation	--	--	--	--	--	--
b) Contingent Liabilities:	--	--	--	--	--	--
i) Arrears of Cumulative Dividends	--	--	--	--	--	--
ii) Gratuity Liability not Provided for	--	--	--	--	--	--
iii) Disputed excise/ Customs/ Tax Liabilities	--	--	--	--	--	--
iv) Other Liabilities not Provided for	--	--	--	--	--	--

------------------------------------------------------------------------------------------------------------------------------

TO WHOMSOEVER IT MAY CONCERN

As per the books of accounts and other records produced before them they confirm that the Turnover of company having its registered office at D-17 Pacsheel Enclave, New Delhi and Works at Village Barhana. Tumhera Road, Kosi Kalan, District- Mathura, Uttar Pradesh for the period 01.04.2010 to 24.02.2011 is as under.

Months	Amonts
April 2010	111.598
May 2010	128.151
June 2010	107.278
July 2010	59.459
August 2010	43.271
September 2010	176.958
October 2010	139.350
November 2010	202.078
December 2010	124.820
January 2011	109.065
February 2011 (till 24.02.2011)	107.507
Total	1309.535

------------------------------------------------------------------------------------------------------------------------------

VALUATION REPORT

1. BACKGROUND:

M/s Mahaan Proteins Limited set up milk processing / ghee manufacturing and WPC facilities at Kosi Kalan in 1996. In 1997 the company added Advanced Milk Derivative products [like Casein and Lactose] from raw milk. The manufacturing capacity was further expanded in 2000 — 02 and also in 2007 09.

The company has desired to get its Fixed Assets Re-valued for the purpose of determining its net worth as well as for determining Realizable Valuation of Fixed Assets. For this purpose, the company has entrusted this assignment to M/s Deba Engineers and Consultants of New Delhi who have sufficient experience in the similar assignments to their credit.

2. ABOUT US:

It is considered prudent to write that they are regularly entrusted valuation of assets and have more than 2000 valuation assignments to the credit and the services are being regularly utilized by

• All India Financial institutions e.g. ICICI Bank Limited [earlier known as ICICI Limited] and IFCI Limited
• Public [Government] Sector Banks [Punjab National Bank, State Bank of India, Corporation Bank and Vijaya Bank],
• Multi National Banks [Citi Bank and Bank of Nova Scotia] and Private Sector Banks [Kotak Mahindra Bank Limited].
• Global Finance companies [The Associates India Financial Services Limited— a part of CITI Group of USA],
• Global Management Consultants [M/s Ernst and Young Private Limited and M/s S. R. Batliboi Consultants Private Limited].
• Merchant Bankers like M/s PNB Capital Services Limited [100% Subsidiary company of Punjab National Bank, ICICI Securities Limited] New Delhi.
• State level Financial Institutions e.g. HSIDC [Haryana State Industrial Development Corporation Limited] and Delhi Financial Corporation have also approved the name for Valuation assignments.
• Office of Official Liquidator, Delhi.
• Office of Official Liquidator, Chandigarh.

Besides the Consultant expert had the opportunity to undertake following Techno Economic Viability Studies for various Financial Institutions / Banks:

a) Utility Engineers India Limited Bhiwad.

b) Classic Rugs Private Limited Kosi Kalan (Distt. Mathura).

C) BCC Fuba India Limited Nalagarh (HP) manufacturing PCB’s.

d) PML Industries Limited Chandigarh for IDBI Mumbai.

e) Electra India Limited Meerut for State Bank of India New Delhi.

f) World Tex Limited Noida.

g) Advance Industries Limited Gurgaon for State Bank of India New Delhi.

The above assignments were entrusted by I.C.I.C.I Limited New Delhi I IDBI Mumbai and State Bank of India, New Delhi and were undertaken by the undersigned through M/s M. M. Sun and Associates Private Limited New Delhi as Senior Consultant.

- Autolite [India] Limited Jaipur for State Bank of India — New Delhi.

Besides TEVS of M/s Paliwal Mini Steels [India] Limited Alwar was entrusted to them directly by the Company for submission to Punjab National Bank.

They were entrusted detailed TEVS of M/s Sri Durga Bansal Fertilizers Limited Faizabad by new investors for submission to Bank.

Besides the name is also approved for similar TEVS studies by Vijaya Bank, Delhi Financial Corporation etc.

Besides Techno Economic Viability Analysis Studies, they also undertake Techno Economic Feasibility Studies, Rehabilitation Studies, Diagnostic Studies, Preparation of Inventories etc. for various Banks / Financial Institutions etc.

Besides above studies, it is considered prudent to write that they are regularly entrusted valuation of assets by various Banks / Fl’s. They may add that they undertake valuation for any specific purpose i.e. Techno Economic Valuation of Assets as Security Valuation for Bank and Financial Institutions.

Business Valuation.

Commercial Valuation for the purpose of Restructuring of Balance Sheets i.e. actual transactions, merger / demerger, Strategic Partner etc.

Fair Market Valuation for the purpose of OTS in India.

Valuation for the purpose of Disposal of Assets / Business / Company etc.

Valuation for any other specific purpose as desired by the client.

An abridged list of 12 [out of about 2000 total) high value [upto Rs 24 Billion] assignments completed by them

They are Member of Consulting Engirieers Association of India [CEAL] which is the sole body of Consulting Engineers in India and which in turn is Member Associate of The International Federation of Consulting Engineers [FIDICI]

3. PURPOSE OF VALUATION:

Determination of Present Depreciated Valuation as well as Realizable Valuation of Fixed Assets [as on 31.03.2009].

4. BASIS OF VALUATION:

Keeping in view the Continuous Process nature of plant, purpose of valuation and its physical inspection, they are of the considered opinion that the assets deserve to be valued on “Existing Use” basis as a project. Therefore the assets have been valued on Depreciated Replacement cost basis.

5. METHODOLOGY OF VALUATION:

After prima-fade perusal of terms of reference and purpose of present study, they have adopted the following methodology for this study:

• Perusal of Conveyance Deeds of land.
• Market enquiries for determination of Fair Market Value of land.
• Detailed inspection of various buildings and plant machinery assets on 28^th and 29^th October 09 for ascertaining their present physical condition.
• Detailed perusal of financial data as provided by the company and subsequent meetings for obtaining clarifications on financial information.

6. VALUATION OF LAND:

a) Address of property:

Village Barhana, Tomehra Road [750m Off Nand Gaon Road], Kosi Kalan 281 403 [Distt. Mathura]. UP.

b) Identification:

The above property can be easily identified physically at above address.

c) Nature of property:

Industrial land.

d) Ownership title:

The land has been duly registered in favour of M/s Lacto Protein India Limited New Delhi vide two Sale Deeds as under:

Date of Sale Deed	Khasra No.	Total Area (Hector)	% Share	Net Area (Hector)
15.09.1992	637	1.9020	25	0.4755
	637/1	0.5020	50	0.2510
	637/2	1.7000	100	1.7000
	638	0.3280	100	0.3280
Sub Total				2.7545
04.02.1993	637/1	0.5020	50	0.2510
	637/3	1.6800	100	1.6800
Sub Total				1.9310
Total				4.6855

The name of the company has been subsequently changed to M/s Mahaan Proteins Limited w.e.f. 02.02.1996.

e) Nature of ownership:

Freehold

f) Area:

4.6855 Hectare /46855 Sqm.

g) Geometrical shape:

The land is geometrically regular in shapei.e. it is aggregate of two rectangles [136mx133.23m and 196mx146.61m approx] with East, West, South and North sides being 146.61m, 136m, 329.23m and 329.23m sides respectively.

h) Frontage:

146.61m.

i) L:DRatio:

1: 2.25 approx.

j) Location:

Geographical location of plot is as under:

• West Chak [Kutcha] Road.
• East: Behrana Road.
• North: Cultivated land.

• South: Cultivated land

k) Change of Land Use:

CLU for use as industrial land granted by Pargana Adhikari Chatta vide his order dated 27.10.1994 u/s 143.

I) Distances:

The factory is located about 75Dm off Nand Gaon Road and about 2.5km from Kosi Kalan town in Mathura Distt.

m) Water quality:

Reportedly unsatisfactory.

n) Controlling authority:

The land is surrounded by cultivated land and is under control of District authorities.

a) Infrastructure:

Power supply [3500 KVA sanctioned load at 33 KV is available from 132 KV Haripura Sub Station [about 1 km away] and telecom facilities are available.

Quality of underground / sub soil water is relatively unsatisfactory. They understand due to relatively poor quality of sub soil / underground water with high TDS content, the company has established an underground pipeline system for supply of water from tubewells installed on hired land about 2 km away from the main plant.

The .site is accessible by private transport vehicles because public passenger transport is not easily available. Residential, medical and educational facilities are reasonably available in Kosi Kalan town [about 2.5 Km wayj.

p) Industrial climate:

There is no labour problem in Kosi Kalan area as such. However most of industrial units within 2 km range [i.e. in UPSIDC Industrial Estate are either closed or working poorly. Three units of Shamken Group in medium / large scale are not working well. M/s Classic Rugs Private Limtied is closed for quite some time.

q) Utilization of land:

The existing utilization of available land is considered as fair and has reasonable space for expansion of capacity.

r) Potential use:

Keeping in view the purpose of present valuation, potential use of land is not considered as relevant and applicable. Besides keeping in view specific location of property, there is no alternate [Commercial / residential] use of land under valuation.

s) Limiting Covenants:

None.

t) Notification under LAA:

Not Applicable.

u) Notified Circle rate:

Not Applicable. The Notification for Stamp duty indicates Rs 0.350 Million per [Killa] Acre for agricultural land at above location. It has not specified any separate Circle rate for industrial use land. However based on general practice, circle rate for industrial land may be assumed to be about 100% more i. e. Rs 0.700 Million / acre.

v) Market enquiries:

Market enquiries indicated that land rate may be analyzed as under:

• The Government reportedly acquired > 600 Acre of agricultural land in village Nabipur Rs 1.600 Millions / Acre about a year ago. It may be mentioned that this land is located identically [in rural area about 2.5 km off Delhi — Mathura Road] near Shamken Group units [about 7 — 8 km from the site under valuation]. Thus present rate of acquisition of - agricultural land at above site may also be reasonably expected to be Rs 1.600 Million / Acre.
• Market enquiries from the nearby Behrana village indicated that agricultural land can be available @ > Rs 2.500 Millions/ Acre.
• It may be mentioned that UPSIDC has already allotted all the industrial plots on Nand Gaon Road [about 1 km distance from site under valuation] about 15 years ago. UPSIDC has offered limited specific plots in its Nand Gaon Road Industrial Area @ Rs 900/- per Sqm. Further there is no vacant plot / industrial unit of reasonably comparable size available under resale either. This is attributed to over all poor financial performance by sick units.

w) Encroachment:

Not applicable because the complete plot is secured by Boundary Wall / barbed wire fence.

x) Encumbrance:

Not applicable except mortgage with Axis Bank Limited New Delhi by deposit of original Title Deeds.

y) Valuation considerations:

The land is likely to continue to be used for the present unit only.

Keeping in view size [area] of land [about 11 Acre] and non availability of this size of land in single lot in nearby UPSIDC Industrial Estate for allotment / resale, they consider the relevant and applicable method for valuation is purchase of agricultural land, getting the Change of Land Use from agricultural to industrial, leveling and development for industrial use etc.

In this connection, it is considered that the Market rate of > Rs 2.500 Millions / Acre is applicable for agricultural use [not industrial use] geometrically irregular and unleveled land not located on any access road.

Keeping in view

• The location in rural area.
• The limitations of built up V’s vacant land.
• Free-hold nature of land.
• Size of land 46,855 Sqm [11.5781 Acre].
• Geometrically symmetrical shape.
• Levelled land under valuation V’s unleveled agricultural land.
• Location on metalled Village Link road.
• Availability of CLU for industrial use.
• Poor industrial climate in the vicinity.
• Fairly levelled land.
• Time required for development of land, leveling, roads etc.
• Length Depth Ratio of nearly 1: 2.25.
• Free of any encroachment.
• Free of any encumbrance
• The RCC framed structure in available construction.
• Availability of 3500 KVA sanctioned Power connection.
• Other similar considerations.

They consider a unit rate of Rs 4.000 Millions — Rs 4.200 Millions per acre [i.e. average Rs 1013/- per Sqm / Rs 847/- per Sqyd] for freehold developed industrial land [outside Industrial Estate] but with relatively poor water quality is fair and applicable market value of built up I available land for the present purpose of valuation. Thus Fair Market Valuation of unit’s land under valuation may be estimated as under:

Fair Valuation of unit’s land = Rs 4.100 Millions x 11 .5781 Acre.

= Rs 417.470 Millions

7. VALUATION OF BUILDINGS:

a) All buildings have been constructed in RCC framed structure except Boiler Shed and Transformer Yard which have been provided with steel Columns and a few buildings in Load Bearing structure [HT Meter Room, ETP Control Room, Condenser tank, Security Office and Boundary Wall etc].

b) All production related buildings have been constructed to Clean construction Standards i.e. Kota stone / marble floors, Ceramic tiles on walls, painted pillars etc.

c) All Production buildings, D. G. Set I LT Room, Workshop / Store and Transformer Yard etc have been provided with Aluminum Sheets besides many office type buildings [Engg / HT Panel Room / HT Meter Room / New Micro Lab, Canteen, Guest House, Security Office etc] have been provided with RCC roof.

d) Under Ground RCC Water tank of total 380 KL capacity and compartmentalized into 5 parts] has been provided for storage of different qualities [Raw, Waste Raw, RO, Boiler Feed Water etc] of water

e) The complete periphery has been provided with Brick masonary Boundary Wall / barbed wire fencing on all sides.

f) There is about 500 Sqm area of heavy duty black top metalled roads.

Based on the inspection and above observations, total Replacement cost of all buildings has been estimated as Rs 90.825 Millions and Present Depreciated Valuation as Rs 67.261 Millions only.

8. VALUATION OF PLANT and MACHINERY:

a) Perusal of information available in Fixed Assets Register indicated that the description of costs I expenses given in F.A.R. is limited. It does not indicate complete details of asset I nature of cost I supplier I invoice reference and details / Forex cost and import duty in case of imported assets etc. It only broadly indicates name of Plant i.e. Milk Processing Plant, Casein Plant, Ghee Plant etc. in most cases. –

b) Under the above circumstances, the coordinating official [Deputy General Manager] was registered to get a physical list of Plant and Machinery assets prepared with year of manufacturing / commissioning to the extent possible.

c) There is large amount of utility pipelines [water, steam, compressed air, fuel oil, spent steam etc]. Similarly there is large amount of Pipeline Conveying System from stage to stage during manufacturing process, from manufacturing to storage, storage to packing section etc.

Under the circumstances explained hereinbefore, they consider it prudent to make a fair estimate of the Current Replacement costs of all identifiable assets keeping in view their broad technical specifications.

Further it is considered prudent to write that following points are important from valuation point:

• The company was operating all its plant with 3 x 856 KVA Caterpillar make D. C. sets since 1997 at capitalized cost of > Rs 15.000 Millions in 1 996 — 97 It has obtained its 33 KV power supply from Distribution Licencee only in 2007 at additional cost of Rs 15.000 Millions approx.

• The company installed Water Pre Treatment Plant for pre treatment of under ground water supply to specified level before RO treatment at capitalized cost of > Rs 1.270 Millions in 1996. Since 2007, the company has stopped using underground water from its own and. Instead it has started using underground water drawn from Hired land. It has incurred capital cost of > Rs 1.400 Millions for installing tubewells and Water Supply Pipeline from hired land to plant.

From above, it may be observed that both Water Treatment Plant and Power Supply System have capacity in excess of the normal requirement I built in wastage capitalized cost.

a) Bulk of machinery was imported under EPCG Schemes and have reportedly discharged Export Obligation satisfactorily so far except against machinery imported during 2007 — 09.

b) The indigenous machinery include Storage Silos, Milk Pasteurizers, Separators, Plate type Heat Exchangers, Filter Presses, Melting Tanks besides utilities like Boilers, Chillers, Transformers, Weighing Balances, Air Compressors and Dryers, Dehumidiflers, Pipelines and Controls and Packing machines etc.

c) Majority of machineries I equipments are made from stainless steel while others are made of ordinary steels.

d) At the time of the inspection, all plant and machinery was being used for production

e) Physical inspection of machinery in general indicates that they are in apparently good physical working condition.

f) After physical inspection of machinery, they are of the considered opinion that there is hardly any technological obsolescence in the machinery.

g) Keeping in view the nature of machinery, nature of use, past age, apparent good physical condition, estimated useful residual life, installation of additional machinery from during 2007 — 09 besides addition from time to time and other applicable considerations, they have considered present Depreciation I Valuation factor for each main asset.

h) Further, it may be mentioned that Mahaan Plant under valuation has machinery assets located at 10 Milk Collection Centers I Village Level Collection Centers. The Present Fair Valuation of all such assets in case of Mahaan Plant is estimated as Rs 572.200 Millions only.

i) Keeping in view the nature of plant, the cost of freight, insurance, foundation, installation and commissioning etc is estimated average 17.50% of Plant and Machinery cost.

Therefore based on above analysis,

Estimated Replacement cost of Plant and Machinery = Rs 693.982 Millions.

Estimated Present Depreciated Valuation = Rs 411.887 Millions.

Besides above valuation of Plant and Machinery, the company has indicated

• Capitalization of Rs 16.706 Millions on account of dedicated spare parts of plant and machinery to meet requirements of Auditing Standards. However for the purpose of present valuation of Fixed Assets, this is not considered as relevant, hence ignored.
• Unallocated Pre-operative costs of Rs 113.722 Millions/- since 1996 —97 and 1997— 98. Due to > 10 years time gap, the same are considered to have little residual value as on date, hence ignored.

9. VALUATION OF OTHER FIXED ASSETS:

Valuation of Misc Fixed Assets has been based on analysis of information on annual values of such assets at the end of each year as revealed by the company.

Based on the detailed analysis, valuation of Misc Fixed assets has been estimated as under:

(Rs. in Millions)

Particulars	Estimated Replacement Cost	Present Depreciated Valuation
Furniture/ Fixture	2.575	1.203
Office Equipment	2.797	1.083
Computer System	0.740	0.228
Computer Software	0.063	0.000
Vehicles (*)	7.343	1.474
Total	13.518	3.989

In this connection, it is considered prudent to clarify that 7 vehicles have been financed under HPA from Citi Bank / ICICI Bank and all EMI’S due till date of valuation are being paid regularly.

Based on above, total Present Fair Market Valuation of the assets under this group is estimated as Rs 3.989 Millions.

11) REALIZABLE VALUATION:

They are of the considered opinion that the Realizable Valuation of any group of Fixed Assets is essentially based on Economic Valuation [rather than Depreciated Replacement Valuation] i.e. Earning Capability of the assets.

In this context, they consider it prudent to write that in case of mass consumption food product [e.g. Ghee], the Economic Valuation depends on

a. Realizable Product value per unit [Rs / Kg] which is significantly controlled by Brand value besides its food value and trustworthiness by consumer in Product quality. It may be observed that price variation of 15% to 20% is available due to Brand value.

b. Realizable Product value varies from time to time due to cost of raw material [milk] at any particular time.

c. Generally all food product industries operate at capacity utilization of 80% to 98%.

d. Generally all food product industries operate on cost plus basis i.e. realizable value of finished product [Ghee] varies directly with change in cost of raw material [milk]. Therefore with reasonable production efficiencies, there is always positive Net Contribution.

e. The food products market availability is often unlimited.

f. The total product mix of advanced derivative products and ghee provide adequate scope for increasing Economic Valuation.

Due to above observations, they are of the considered opinion that Realizable Valuation of Fixed assets may be 20% - 25% higher than Depreciated Replacement value. Hence considering conservative factor of 20%, Realizable Valuation of Fixed Assets = Rs 530.607 Millions x 1.20. = Rs. 636.728 Millions.

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VALUATION REPORT OF IMMOVABLE PROPERTY

PART – A

GENERAL DETAILS
Purpose of Valuation	Fair Market Value for bank credit facilities
Date of Valuation	23.08.2010
Name of the Owner (as reported) with address and phone number	Mrs. Deepa Goyal and Mr. Rajiv Goyal R/O: B-14, Second Floor, Saket, New Delhi, India (M. 91-9871609781)
APARTMENT BUILDING
Nature of Apartment	Commercial
Flat No, and Floor	DTJ – 706, 7^th Floor
Name of Apartment	--
Postal Address	DTJ-706, 7^th Floor, DLF, Jasola Tower – B, Jasola, Delhi, India
Location T. S. No. Block No. Ward No. Village/ Municipality/ corporation door No. Street or Road	DTJ-706, 7^th Floor, DLF, Jasola Tower – B, Jasola, Delhi, India
Description of Property	This is commercial apartment at 7^th floor admeasuring 1056 sq. ft. super area in A-3 + GF + 12 storied commercial building located at community Centre Jasola near Apollo Hospital Constructed by the DLF
Year of Construction	2008
Residential Life of the Building	60 years
Number of Floors	-3 + GF + 12
Type of Structure	RCC/ Spread, Load bearing walls RCC Slab
Number of Dwelling units in Building	--
Quality of Construction	Average
Appearance of the Building	Average
Maintenance of the Building	Average
Facilities Available	Proposed	Existing
Lift	Nil	Yes
Protected Water Supply		Yes
Underground Sewerage		Yes
Car Parking – Open/ Covered		Open
Alround compound wall Existing pavement is laid around the building?		Yes
Any others?		Yes
Boundaries	North: Apartment No.707 South: Apartment No.705 East: Passage West: Open Down
FLAT UNDER VALUATION
The Floor in which the property is situated	7^th Floor
Door Number of the Flat	706
Specification of the Flat	Proposed	Existing
Roof		RCC
Flooring		Ceramic
Doors		Wooden/ Steel
Windows		Wooden/ Steel
Fittings		Average
House Tax Assessment No.	Not Provided
Electricity service Connection number meter car is in the name of	Not Provided
How is the maintenance of the Flat?	Average
Sale deed executed in the name of	Owner
What is the super area of Flat as per sale deed?	Approx. 1056 sq. ft.
What is the covered area of the Flat?	Approx. 825 sq. ft.
What is the Floor Space index?	--
What is the Carpet Area of the Flat?	Approx. 775 sq. ft.
Is it posh/ I Class/ Medium/ Ordinary?	Medium
Is it being used for residential or commercial?	Commercial
Is it owner occupied or tenanted?	Owner
Is tenanted, what is the monthly rent?	NA
PART – B VALUATION OF EXISTING FLAT
Total Composite Rate Arrived for valuation	On verification in the area it was found that the total depreciated composite rate of such kind of flat varies between Rs.20,000/- to Rs.25,000/- per sq, ft, They are taking a rate of Rs.20,000/- per sq. ft. on super area considering location, building and other features including services.

PART – C VALUATION DETAILS

Description	Quantity	Rate	Present valu4e (Rs. In Millions)
Present value of the floor	1056 sq. ft.	20,000/-	21.120
Wardrobes
Show Cases
Kitchen arrangements
Superfine finish
Interior Decorations
Electricity, water, drainage disposal etc.
Electricity fittings/ special fittings
Extra collapsible Gates/ Grill works etc.
Separate parking
Share of Common amenities, if any?		LS	0.300
Total			21.420

Proportionate Value of Land = Rs.20.400 Millions

Proportionate value of Construction = Rs.1.000 Million

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VALUATION REPORT OF IMMOVABLE PROPERTY

PART – A

GENERAL DETAILS
Purpose of Valuation	Fair Market Value for bank credit facilities
Date of Valuation	23.08.2010
Name of the Owner (as reported) with address and phone number	Mrs. Deepa Goyal and Mr. Rajiv Goyal R/O: B-14, Second Floor, Saket, New Delhi, India (M. 91-9871609781)
APARTMENT BUILDING
Nature of Apartment	Commercial
Flat No, and Floor	DTJ – 707, 7^th Floor
Name of Apartment	--
Postal Address	DTJ-707, 7^th Floor, DLF, Jasola Tower – B, Jasola, Delhi, India
Location T. S. No. Block No. Ward No. Village/ Municipality/ corporation door No. Street or Road	DTJ-706, 7^th Floor, DLF, Jasola Tower – B, Jasola, Delhi, India
Description of Property	This is commercial apartment at 7^th floor admeasuring 1056 sq. ft. super area in A-3 + GF + 12 storied commercial building located at community Centre Jasola near Apollo Hospital Constructed by the DLF
Year of Construction	2008
Residential Life of the Building	60 years
Number of Floors	-3 + GF + 12
Type of Structure	RCC/ Spread, Load bearing walls RCC Slab
Number of Dwelling units in Building	--
Quality of Construction	Average
Appearance of the Building	Average
Maintenance of the Building	Average
Facilities Available	Proposed	Existing
Lift	Nil	Yes
Protected Water Supply		Yes
Underground Sewerage		Yes
Car Parking – Open/ Covered		Open
Alround compound wall Existing pavement is laid around the building?		Yes
Any others?		Yes
Boundaries	North: Apartment No.708 South: Apartment No.706 East: Passage West: Open Down
FLAT UNDER VALUATION
The Floor in which the property is situated	7^th Floor
Door Number of the Flat	707
Specification of the Flat	Proposed	Existing
Roof		RCC
Flooring		Ceramic
Doors		Wooden/ Steel
Windows		Wooden/ Steel
Fittings		Average
House Tax Assessment No.	Not Provided
Electricity service Connection number meter car is in the name of	Not Provided
How is the maintenance of the Flat?	Average
Sale deed executed in the name of	Owner
What is the super area of Flat as per sale deed?	Approx. 1056 sq. ft.
What is the covered area of the Flat?	Approx. 825 sq. ft.
What is the Floor Space index?	--
What is the Carpet Area of the Flat?	Approx. 775 sq. ft.
Is it posh/ I Class/ Medium/ Ordinary?	Medium
Is it being used for residential or commercial?	Commercial
Is it owner occupied or tenanted?	Owner
Is tenanted, what is the monthly rent?	NA
PART – B VALUATION OF EXISTING FLAT
Total Composite Rate Arrived for valuation	On verification in the area it was found that the total depreciated composite rate of such kind of flat varies between Rs.20,000/- to Rs.25,000/- per sq, ft, They are taking a rate of Rs.20,000/- per sq. ft. on super area considering location, building and other features including services.

PART – C VALUATION DETAILS

Description	Quantity	Rate	Present valu4e (Rs. In Millions)
Present value of the floor	1056 sq. ft.	20,000/-	21.120
Wardrobes
Show Cases
Kitchen arrangements
Superfine finish
Interior Decorations
Electricity, water, drainage disposal etc.
Electricity fittings/ special fittings
Extra collapsible Gates/ Grill works etc.
Separate parking
Share of Common amenities, if any?		LS	0.300
Total			21.420

Proportionate Value of Land = Rs.20.400 Millions

Proportionate value of Construction = Rs.1.000 Million

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VALUATION REPORT OF IMMOVABLE PROPERTY

PART – A

GENERAL DETAILS
Purpose of Valuation	Fair Market Value for bank credit facilities
Name of the Owner (as reported) with address and phone number	Mr. Rajiv Goyal R/O: B-14, Second Floor, Saket, New Delhi, India (M. 91-9871609781)
Scope of Valuation	To assess Fair Market Value
This report is to be used for any bank purpose, state the name of the bank and branch, if known	Owner
DESCRIPTION OF THE PROPERTY
Postal address of the property	B-14, Second Floor, Malviya Nagar Extn. Saket, New Delhi, India
Location of the property Plot No./ Nagar S. F. No./ T. S. no./ R. S. No. Village/ Block Taluk/ Ward District/ Municipality/ Corporation	B-14, Second Floor, Malviya Nagar Extn. Saket, New Delhi, India
Boundaries of the Property	As per deed	Actual
North	Service lane	Service lane
South	Road 45’ wide	Road 45’ wide
East	Plot No. B - 15	Plot No. B – 15
West	Plot No. B – 13	Plot No. B – 13
Property Tax Receipt Referred Assessment Number	518003 Dated 16.07.2009
Tax Amount	Rs.150/-
Receipt in the name of	Mt. Rajiv Goyal
Electricity service Connection number meter car is in the name of	Not Provided
Property is presently occupied by	Owner
If tenanted fully, what is expected monthly rent?	NA
PROCEDURE OF VALUATION
Valuation Details	Discussed in Part A, B, C, D, E and F
F.S.I. 1.2	Plot Coverage 40%
PART B – LAND
Dimension of the site	a. As per Title Deed	b. Actual
North		52’
South		52’
East		105’5”
West		115’5”
Extent of Site (Least of 1a and 1b)	666.66 sq. yards.
Characteristics of the site
What is the character of the locality	Residential
What is the classification of the locality?	Medium
Road facilities are available?	Yes
What is the width of the Road?	Approx. 45’ wide
Any factors which affect the marketability of the land?	Nil
Tenure of the Land?	Freehold
Value of adopting GLR
Guideline rate as obtained from the registrar’s office	Rs.27,300/- per sq. mtrs.
Value of land by adopting GLR	558 sq. mtrs. X Rs.27,300/- = rs.15.233 Millions
Value by adopting PMR
Prevailing Market Rate Unit Rate adopting in this valuation	Rs.2,50,000/- to rs.3,00,000/- per sq. yard.
After considering the characteristics of the subject plot	Rs.2,75,000/- per sq. yard.
Shared value of SF by adopting PMR	666.66 sq. yards x Rs.2,75,000/- x 25% = Rs.45.833 Millions
PART C – BUILDING
Type of construction	RCC spread columns, Load bearing wall, RCC slab.
Quality of Construction	Average
Appearance of Building	Average

ABSTRACT VALUE

Description	Value of Adopting (Rs. In Millions)
Land	45.833
Building	2.400
Amenities	1.200
Services	0.600
Total	50.033
Present Market Value	50.000 Millions

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Trade References:

· Wockhardt Limited

Address: Wockhardt Tower C-3, G Block Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

Tel No.: 91-22-26596072

Mr. M K Pandita (Quality Head)

· Herbalife Internationl India Limited

Address: Vaswani Wilshire No. 14, Commissariat Road, Bangalore-560025, Karnataka, India

Tel No.: 91-80-40311333

Mr. Steve Nazarbeth

· Nestle India Limited

Address: Nestle House M Block, DLF City, Phase-II, Gurgaon- Haryana, India

Tel No.: 95-124-2389300

Mr. Sunil Sood (Procurment Head)

· Neeraj Marketing Co.

Address: J-14, Suraj Pale, Anaj Mandi, Jaipur, Rajasthan, India

Tel No.: 91-141-2570027

Mr. Sunil (Partner)

CONTINGENT LIABILITIES:

(Rs. in Millions)

Particulars	31.03.2010
Sales tax Matters under Appeal*	9.248
Income Tax Matters under Appeal	0.281
Entry Tax**	6.094
Total	15.615

* Payments made under protest Rs. 0.970 Million (Previous Period Rs. 0.969 Million)

** Payments made under protest Rs. 1.066 Millions (Previous Period Rs. 1.066 Millions)

· Mandi Fee and Development Cess: The company has paid Rs. 13.988 Millions (Previous period Rs. 12.438 Millions) under protest to State Agriculture Produce Mandi Committee (APMC) of Uttar Pradesh. This amount has been shown as recoverable in the Balance Sheet. In the opinion of the management no liability will arise in the future in view of favorable orders in respect of earlier year’s assessments.

· Labour cased are pending in respect of three ex- employees. Amount of retrenchment compensation demanded in case of ex-employees amounts to Rs. 0.476 Million (Previous Period Rs. 0.476 Million) Pending settlement of Cases the exact amount of liability can not be determined.

· As on 31^st March 2010, export obligation of Rs. Nil (Previous Period Rs. 31.504 Millions) are pending to be fulfilled against EPCG license obtained by the company.

· Gurantees given by bankers on the behalf of the company (against 100% margin money) outstanding as at year-end Rs. 0.125 Million (Previous Period Rs. 0.125 Million)

· Assessments are in process by the authorities under the prevention of Food Adulteration Act Amount of liability in this regards will be ascertainable on finalization of cases.

Bankers Charges Report as per Registry

Corporate identity number of the company

U01111DL1992PLC049149

Name of the company

MAHAAN PROTEINS LIMITED

Address of the registered office or of the principal place of business in India of the company

D-17, Panchsheel Enclave, New Delhi, India

This form is for

Modification of Charge

Charge identification number of the charge to be modified

10108374

Type of charge

Immovable Property

Book Debts

Movable Property

Particular of charge holder

Axis Bank Limited, 4/10, OPG House, Asaf Ali Road, New Delhi-110002, India

Nature of instrument creating charge

Deed of Hypothecation of current assets (Stocks and book debts)

Memorandum of entry evidencing extension of equitable mortgage.

Date of instrument Creating the charge

04.11.2009

Amount secured by the charge

Rs. 70.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

As per sanction letter No. AXISB/ MC/VM/09-10/277 Dated 08.10.2009 to be amended from time to time.

Terms of Repayment

As per sanction letter No. AXISB/ MC/VM/09-10/277 Dated 08.10.2009 to be amended from time to time.

Margin

As per sanction letter No. AXISB/ MC/VM/09-10/277 Dated 08.10.2009 to be amended from time to time.

Extent and Operation of the charge

Pari passu charge

Others

The above is to secure the followings:

Particulars	Amount (Rs. in Millions)
Cash Credit	50.000
EPC/ PCFC	(50.000) (within CC)
FBP/ FBD	(50.000) (Within CC)
Letter of Credit	20.000
Bank Guarantee	(10.000)
LOU/ Buyers Credit	(20.000)

Short particulars of the property charged

Hypothecation by way of first pari passu charge over all present and future current assets, movable fixed assets like plant and machinery and equitable mortgage of land and building at village Berthana, Tomehra Road, Kosi Kalan District Mathura (Uttar Pradesh) together with all building and structures thereon or to be thereon.

Particulars of the present modification

Bank’s first pari passu charger over all present and future current assets, movable fixed assets like plant and machinery and equitable mortgage of land and building at village Berthana, Tomehra Road, Kosi Kalan District Mathura (Uttar Pradesh) together with all building and structures thereon or to be thereon, already registered for Rs. 230.000 Millions shall stand modified to Rs. 70.000 Millions

AS PER WEBSITE

Profile:

Established in the year 1992, they, Subject is amongst the leading organization engaged in processing and supplying a wide range of powdered milk, dairy milk powder, casein protien. Apart from these, they also deals in offering FMCG products like pickles, chutneys and dairy products. Processed as per industry quality standards, they make use of quality ingredients that is procured form reliable vendors. Powdered milk, dairy milk powder, casein protien are extensively used in nutritional and dietetic foods clinical foods health foods sports foods confectionery and bakery beverages salad and soups infant foods and have many positive health benefits.

They, work as a group of companies that include Mahaan Foods Limited, Mahaan Dairies Limited, Mahaan Proteins Limited and Ace International. The well-developed infrastructure is bestowed with two processing plants that are located at Kosi Kalan (U.P) and Paonta Sahib (H.P.) that have various facilities like liquid storage facilities, chilling facilities, pasteurization facility and packaging facilities. With the help of latest technology and advanced machines such as spray driers, crystallizer and centrifuge equipment, they are able to meet the exact requirements of the esteemed clients. They source these machines from Valio Engg (Finland), Westfalia (Germany), Seppo Ralli (Finland), Sepratech (UK), Goavec (France), Kent Keller (USA) and Alfa Laval (India).

They are progressing under the able guidance of the Owner Mr. Rajiv Goyal, who is a managing director is a qualified entrepreneur with B.com (hons) from Delhi University and MBA ( Marketing and Finance) from University of San Fransisco, USA. He is is instrumental in the growth of Mahaan proteins and Zeon Life sciences for last 20 years through his visionary and Strategic business planning.

The Group:

The entire endeavor drives them to bring about excellence in the products have always made untiring efforts to master all skills right from processing of milk ingredients and whey proteins. Furthermore, the group of companies also engaged in processing of FMCG and other food items.

THE GROUP INCLUDES:

Mahaan Proteins Limited

It is the only composite dairy ingredient plant in India that processes edible rennet casein, edible acid casein, pharmaceutical and edible grade lactose, whey protein concentrate 70%, caseinates, whey powders, butter milk powder and pure ghee. The company has set up with foreign technical collaboration and has specialized in processing dairy ingredients and is currently developing caseinates and functional WPCs. Moreover, it has also added a brand new facility for spray drying specialised instantly soluble powders for its buyers engaged in the nutraceuctical industry.

Zeon Life Sciences Limited.

THE INFRASTRUCTURE:

The modern state-of-the-art infrastructure is spread across an area of 1,50,000 square feet with spare capacity 50% approx reserved for specialty products that enables them in meeting the bulk requirements of the clients. The well-developed infrastructure is segregated into various departments that comprises processing unit, in-house design unit, quality testing unit, research and development unit and warehouse unit. Furthermore, the other facilities include:

• Liquid storage facilities
• Chilling facilities
• Pasteurization facility
• Packaging facilities (semi automatic)
• Finished good storage facility
• Homogenizers
• Evaporators
• Spray driers
• Crystallizer
• Centrifuge equipment
• High pressure pumps
• Mixer and agitators
• Pulverizers
• Blenders (wet and dry)
• Milk separator
• Milling machine
• Vibro separator
• Auto bagging machine
• UF / NF system
• Decanter
• Valio Engg (Finland)
• Westfalia (Germany)
• Seppo Ralli (Finland)
• Sepratech (UK)
• Goavec (France)
• Kent Keller (USA)
• Alfa Laval (India)

To carry out uninterrupted production process, they source the above listed machines and equipment from leading companies of the world such as:

The well equipped processing unit helps them in processing up to 7,00,000 liters of milk per day in two plants located in North India and has ongoing technical support from various leading dairy technologists from Europe, America and Oceania. They have the processing plant located at Kosi Kalan (U.P), which is Kosher certified along with another processing plant at Paonta Sahib (H.P.). Some of the machines and equipment that are installed at the processing unit are as follows:

The Team:

The paramount success of the organization owes to the dexterous efforts of the team of dedicated and talented personnel, who works round the clock to achieve utmost client satisfaction by offering quality range of specialty milk ingredients and whey proteins. The leading dairy technologists are hired from Europe, America and Oceania, who help in developing new applications for existing product range along with upgrading and introducing new products for existing applications for giving greater value for money and convenience to the esteemed clients. The team of professionals encompasses of engineers, quality controllers, research experts and marketing professionals. Moreover, to meet the varied requirements of the clients, the team of experts facilitates the clients with customization facility in terms of composition as well as in terms of packaging as per the specifications given by them. They also consistently develop new recipes and new products for the Consumer Sales Division.

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.44.52
UK Pound	1	Rs.72.71
Euro	1	Rs.64.41

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	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
-	NB	New Business	-

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.