MIRA INFORM REPORT

Report Date :

16.02.2011

Note: The registered office of the company has been shifted from 54 Prakriti Marg, Sultanpur Farms, Mehrauli, M G Road, New Delhi-110030, India to the present address w.e.f.

IDENTIFICATION DETAILS

Name :	AMIRA FOODS (INDIA) LIMITED (w.e.f. 07.10.2005)
Formerly Known As :	AMIRA FOODS INDIA PRIVATE LIMITED
Registered Office :	B-I/E-28, Mohan Co-operative Industrial Estate, New Delhi-110044
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	20.12.1993
Com. Reg. No.:	55-56536
CIN No.: [Company Identification No.]	U74899DL1993PLC056536
TAN No.: [Tax Deduction & Collection Account No.]	DELA04837A
Legal Form :	A closely held Public Limited Liability Company
Line of Business :	Growing of food grain crops (Cereals and Pulses)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 4100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is a well established company having good track. Financial position of the company appears to be sound. Directors are reported to be experienced, respectable and resourceful businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. Company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

LOCATIONS

Registered Office :	B-I/E-28, Mohan Cooperative Industrial Estate, New Delhi-110044, India
Tel. No.:	91-11-46057500 (30 Lines)
Fax No.:	91-11-46057570
E-Mail :	amirafoods@amirafoods.com
Website :	http://www.amirafoods.com
Factory :	21st Mile Stone, Pataudi Road, Gurgaon – 1235505, Haryana, India.
Tel. No.:	91 - 124 - 227 6472 / 227 6473 / 227 6474
Fax No.:	91 - 124 - 227 6482
E-Mail :	works@amirafoods.com amira@amirafoods.com

DIRECTORS

As on 26.09.2009

Name :	Mr. Anil Gupta
Designation :	Director
Address :	B - 67, Defence Colony, New Delhi – 110 024, India
Date of Birth/Age :	28.11.1951
Date of Appointment :	19.03.1999
Name :	Mrs. Anita Daing
Designation :	Director
Address :	R -806, New Rajinder Nagar, New Delhi – 110 060, India
Date of Birth/Age :	04.12.1953
Date of Appointment :	24.09.1996
Name :	Mr. Virender Kumar Chanana
Designation :	Director
Address :	D -79, Gulmohar Park, New Delhi – 110 049, India
Date of Birth/Age :	24.01.1939
Date of Appointment :	04.01.1997
Email:	sunvisors@vsnl.com
Name :	Mr. Karan Chanana
Designation :	Director
Address :	36, Prakriti Marg, M.G. Road, New Delhi – 110 030, India
Date of Birth/Age :	18.10.1972
Date of Appointment :	09.06.1994
Name :	Mr. Sandeep Chandna
Designation :	Director
Address :	Flat No.9, Ganga Internatioanl School, Hirankudna, New Delhi-110041, Indai
Date of Birth/Age :	18.06.1972
Date of Appointment :	14.12.2007
Date of Ceasing :	06.12.2008
Name :	Ms. Poonam Chahal
Designation :	Director
Address :	2615, Urban Estate, Jind-126102, Haryana, India
Date of Birth/Age :	09.09.1982
Date of Appointment :	10.12.2008
Date of Ceasing :	31.07.2009
Name :	Ms. Harpreet Kaur
Designation :	Director
Address :	UE-2615, New Delhi-110017, India
Date of Birth/Age :	21.11.1974
Date of Appointment :	01.08.2009
Name :	Mr. Shyam Poddar
Designation :	Director
Address :	M-4, Greater Kailash – II, New Delhi – 110 048, India
Date of Birth/Age :	18.06.1944
Date of Appointment :	01.04.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2009

Names of Shareholders	No. of Shares
Anil Chanana	312500
Anil Chanana (Beneficial owner Karam Industries)	1113134
Karan A. Chanana	5601772
Agro Ventures (Mauritius) Limited	1500000
Radhika Chanana	10092
Kaushalya Rani	1
Amira Info Technologies Private Limited	1
Amira Enterprises Limited	2907860
Total	11445360

As on 26.09.2009

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	13.00
Bodies corporate	25.00
Directors or relatives of directors	62.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Growing of food grain crops (Cereals and Pulses)

PRODUCTION STATUS (AS ON 31.03.2009)

Particulars	Unit	Installed Capacity	Actual Production
Milling	Tonne	99788	67628
Processing	Tonne	82125	42387

GENERAL INFORMATION

Suppliers :

· R. Agro Industries – Shahabad Markanda

· Adarsh Ahrt Kencra – Bareilly

· Avdesh Kuamr Anil Kumar

· Balaji Trading Company

· Bansal Trading Company

· Bhagwati Rice Mill – Ferozepur

· Dashamesh Enterprises

· Durga Trading Company

· F. C. I. Rajkot (Jamnagar)

· Gajanand Ramanand

· Garg Rice Industries

· Goyal Enterprises

· Gopal Rice Mills – Cheeka Paddy

· J. P. Agro Tech Private Limited

· Jain Traders

Customers :

· Abdul Ghani Muhammed Noorwaliest.

· Abdullah Salesh Bakhayel Babtain

· La Bawardi Food And Supplies

· Boost Nutrition C. V. – Belgium

· Glolden Grain Company

· Kusha Inc. Usa

· Kuwait Flour Mills And Bakaries Company

· Lustrucru Riz-Semoulerie De Bellevue-Fran

· Madinco Sarl (Switzerland)

· Riseria C. Pigino And Figlio Srl – Italia

· Shah Trading Company Limited

· Sulaiman Al Namlah Est

· A. S. Traders – Nicham

· Amit Market – Pune

· Goyal Tracers – New Delhi

Bankers :

· Canara Bank, Overseas Branch, Amritsar, Karnal, Kurukshetra, Panipat, Rudrarur, Gurgaon, Kaithal, India

· State Bank of India – Ganshidham, Taran, Viaywada

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda-390015, Gujarat, India

· Punjab and Sind Bank, Rudarpur

· Syndicate Bank – Gurgaon

· State Bank of Mysore

· State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan 1, Tolstoy Marg, New Delhi -110 001, India

· Canara Bank, Overseas Branch, B -39, 1^st Floor, Connaught Circus, New Delhi – 110 001, India

· HDFC Bank

· Centurion Bank of Punjab

Facilities :

Secured Loan	As on 31.03.2009 (Rs. in Millions)	As on 31.03.2008 (Rs. in Millions)
Term Loan
From Banks
Foreign Currency Loan	0.000	1.679
Rupee Loans	20.819	213.693
From Banks
Foreign Currency Loans	0.000	256.004
Rupee Loans	3097.463	1946.577
Total	3118.282	2417.953
Unsecured Loan
From Directors	0.163	0.000
From Other Corporate	706.922	41.318
From Banks	353.242	571.086
Total	1060.327	612.404

Banking Relations :	--
Auditors :
Name :	R. N. Marwah and Company Chartered Accountants
Address :	4/80, Janpath, New Delhi – 110 001, India
Tel. No.:	91-11-23320601 / 23322685 / 23357210
Fax No.:	91-11-23322520
E-Mail :	mm@mm.in
Associates/Subsidiaries :	Amira Foods Pte. Limited Amira Foods (Malaysia) SDN. BHD. Amira Foods Inc.

CAPITAL STRUCTURE

As on 26.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions
5000000	Preferences Shares	Rs.10/- each	Rs.50.000 Millions
	Total		Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11445360	Equity Shares	Rs.10/- each	Rs.114.453 Millions

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions
5000000	Preferences Shares	Rs.10/- each	Rs.50.000 Millions
	Total		Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10680360	Equity Shares	Rs.10/- each	Rs.106.804 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		106.804	99.554	78.125
2] Share Application Money		53.200	0.000	75.000
3] Reserves & Surplus		868.529	618.704	412.496
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1028.533	718.258	565.621
LOAN FUNDS
1] Secured Loans		3118.282	2417.953	1744.625
2] Unsecured Loans		1060.327	612.404	187.431
TOTAL BORROWING		4178.609	3030.357	1932.056
DEFERRED TAX LIABILITIES		39.510	35.399	25.181
TOTAL		5246.652	3784.014	2522.858
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		424.413	395.942	263.308
Capital work-in-progress		213.500	17.051	0.000
INVESTMENT		66.806	41.429	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3875.623	2892.503	2175.934
	Sundry Debtors	1270.068	823.060	436.673
	Cash & Bank Balances	73.596	37.720	26.014
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	422.155	498.882	221.563
Total Current Assets		5641.442	4252.165	2860.184
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	770.976	701.238
	Other Current Liabilities	70.089	88.400	514.627
	Provisions	258.444	132.935	86.567
Total Current Liabilities		1099.509	922.573	601.194
Net Current Assets		4541.933	3329.592	2258.990
MISCELLANEOUS EXPENSES		0.000	0.000	0.560
TOTAL		5246.652	3784.014	2522.858

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income		5066.486	3670.356
		Export Related Income		293.937	36.445
		Other Income		13.871	0.000
		TOTAL (A)	11183.809 (Including increase / decrease in finished goods)	5374.294	3706.801
Less	EXPENSES
		Purchases, Material and Manufacturing Expenses		4721.969	3706.551
		Personnel Expenses		41.034	31.175
		Administrative Expenses		58.088	45.745
		Selling and Distribution Expenses		431.184	315.295
		Increase/(Decrease) in Finished Goods		(332.577)	(677.076)
		TOTAL (B)	10250.688	4919.698	3421.690
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		933.121	454.596	285.111
Less	FINANCIAL EXPENSES (D)		560.776	279.268	159.314
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		372.345	175.328	125.797
Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.007	41.702	25.232
	PROFIT BEFORE TAX (E-F) (G)		335.338	133.626	100.565
Less	TAX (H)		128.978	55.990	40.518
	PROFIT AFTER TAX (G-H) (I)		206.360	77.636	60.047
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		323.122	255.486	207.235
Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	10.000	10.000
		Dividend	0.000	0.000	0.221
		Preferences Dividend	0.000	0.000	1.575
	BALANCE CARRIED TO THE B/S		509.482	323.122	255.486
	EARNINGS IN FOREIGN CURRENCY		8072.832	3718.887	2628.196
	Earnings Per Share (Rs.)		20.78	9.93	7.64

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	1.85	1.44	1.62
Net Profit Margin (PBT/Sales)	(%)	NA	2.64	2.74
Return on Total Assets (PBT/Total Assets}	(%)	5.53	2.87	3.22
Return on Investment (ROI) (PBT/Networth)		0.33	0.19	0.18
Debt Equity Ratio (Total Liability/Networth)		5.13	5.50	4.48
Current Ratio (Current Asset/Current Liability)		5.13	4.61	4.76

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

Sales of the company in the year ended March 31, 2009 were Rs.11183.809 millions (Previous year Rs.5706.871 millions) up by over 95.97% and profit after tax was Rs. 206.360 millions (Previous year Rs. 77.636 millions) up by 162.51% over the previous year.

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U74899DL1993PLC056536
Name of the company	AMIRA FOODS (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	B-I/E-28, Mohan Cooperative Industrial Estate, New Delhi-110044, India
Type of charge	Others
Particular of charge holder	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda-390015, Gujarat, India
Email	vandana@brmco.com
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation
Date of instrument Creating the charge	28.09.2010
Amount secured by the charge	Rs.300.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest sum of I-Base and spread per annum, subject to minimum rate of 9.85% p.a., plus applicable interest tax or other statutory levy, if any Terms of Repayment Repayment of principal in 24 equal quarterly installments after 4 quarter of moratorium from the date of disbursement of first tranche. Margin 25% of project cost. Extent and Operation of the charge First Pari passu charge on the project assets of Rs. 719.0 million except land and building, to be shared with other term lenders for the project. Others The above is to secure the term loan
Short particulars of the property charged	First Pari passu charge on the project assets of Rs. 719.0 million except land and building, to be shared with other term lenders for the project.

FIXED ASSETS:

• Land
• Factory Building
• Staff Rooms
• Administrative Building
• Plant and Machinery
• Storage Equipment
• Quality Control Equipment and Laboratory Equipment
• Packing and Weighting Equipments
• Generator and Boiler
• Pollution and Fire Control Equipments
• Electrical Pannel and Fittings
• Office Equipments
• Furniture and Fixture
• Trade Mark
• Vehicle

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.45.45
UK Pound	1	Rs.72.90
Euro	1	Rs.61.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		64

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	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.