MIRA INFORM REPORT

Report Date :

30.07.2011

IDENTIFICATION DETAILS

Name :	ORANGE SORTING MACHINES INDIA PRIVATE LIMITED
Registered Office :	S. F. No.90/3, Aadhavan Industrial Estate, Athipalayam Road, Chinnavedampatti Village, Coimbatore – 641006, Tamilnadu, India
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.11.2004
Com. Reg. No.:	18-011419
Capital Investment / Paid-up Capital :	Rs.2.000 Millions
CIN No.: [Company Identification No.]	U00292TZ2004PTC011419
IEC No.:	3204019438
PAN No.: [Permanent Account No.]	AAACO7124L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of all Kinds of Rice Machines, Pulses Machines, Coffee Bean Machines, Rice Mill Machinery and Sesame Machines
No. of Employees :	186 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 130000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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

INFORMATION PARTED BY

Name :	Ms. Nivedita
Designation :	H. R. Secretary
Date :	26.07.2011

LOCATIONS

Registered Office/ Factory :	SF No. 90/3, Ahavan Induxtrial Estate, Athipalayam Road, Chinnavedampatti, Village Coimbatore-641006, Tamilnadu, India
Tel. No.:	91-422-6529155/ 3269890 / 6532666/ 6552666/ 424-4272270/ 4528888/ 4272273
Fax No.:	91-422-2527856/ 4528899/ 424-4272270/ 2915223
E-Mail :	jhemapriya@gmail.com accounts@orangesorter.com marketing@orangesorter.com nivedita1@gmail.com
Website :	http://www.orangesorter.com
Area :	32700 sq. fts
Location :	Owned

DIRECTORS

(AS ON 02.09.2010)

Name :	Mr. Shanmugam Srinivasan
Designation :	Managing Director
Address :	No. 1, Indra Nagar, Near G K D Nagar, Pappanaickan Palayam, Coimbatore-641037, Tamilnadu, India
Date of Birth/Age :	06.06.1968
Date of Appointment :	10.11.2004
Name :	Mr. Abdulkader Zahir Hussain
Designation :	Managing Director
Address :	R-1-Ramnivas, 3^rd Cross Street, Alamu Nagar, Sathy Road, Coimbatore-641012, Tamilnadu, India
Date of Birth/Age :	10.05.1968
Date of Appointment :	10.11.2004
Name :	Mr. Arumugam Shanmugam
Designation :	Director
Address :	No. 1, Indra Nagar, Near G K D Nagar, Pappanaickan Palayam, Coimbatore-641037, Tamilnadu, India
Date of Birth/Age :	18.07.1934
Date of Appointment :	10.11.2004
Name :	Mr. Mohideen Batcha Abdul Khadar
Designation :	Director
Address :	R-1-Ramnivas, 3^rd Cross Street, Alamu Nagar, Sathy Road, Coimbatore-641012, Tamilnadu, India
Date of Birth/Age :	01.10.1939
Date of Appointment :	10.11.2004
Name :	Mr. Vedagiri Jayalakshmi
Designation :	Director
Address :	No. 1, Indra Nagar, Near G K D Nagar, Pappanaickan Palayam, Coimbatore-641037, Tamilnadu, India
Date of Birth/Age :	26.08.1973
Date of Appointment :	10.11.2004
Name :	Mr. Abdul Kadar Tajnisa
Designation :	Director
Address :	R-1-Ramnivas, 3^rd Cross Street, Alamu Nagar, Sathy Road, Coimbatore-641012, Tamilnadu, India
Date of Birth/Age :	03.10.1946
Date of Appointment :	10.11.2004
Name :	Mrs. Zahir Hussain Mumtax Begum
Designation :	Director
Address :	R-1-Ramnivas, 3^rd Cross Street, Alamu Nagar, Sathy Road, Coimbatore-641012, Tamilnadu, India
Date of Birth/Age :	17.05.1975
Date of Appointment :	10.11.2004

KEY EXECUTIVES

Name :	Ms. Lavania
Designation :	Accountant
Name :	Mr. B. Balakarthiban
Designation :	Manager – Finance and Administrative

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 02.09.2010)

Names of Shareholders	No. of Shares
S Srinivasan	6600
Zahir Hussain A	6600
Shanmugam A	1300
Abdul Khadar M	650
Jayalakshmi V	2100
Tajnisa A	650
Mumtaz Begum Z	2100
Total	20000

(AS ON 30.09.2010)

Category	Percentage
Other	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of all Kinds of Rice Machines, Pulses Machines, Coffee Bean Machines, Rice Mill Machinery and Sesame Machines.
Brand Names :	Orange
Exports :
Products :	Machines
Countries :	· Sri Lanka · Bangladesh
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Customers :	Manufacturer · Srinivassa Rice Mill, Kancheepuram, Tamilnadu · Sai Chandra Rice Mill, Chennai, Tamilnadu · Velmurugan Rice Mill, Kancheepuram, Tamilnadu · Kalainner MRM, Arni, Tamilnadu · Roja Rice Mill, Thiruvallore, Tamilnadu · Andaver Rice Mill, Vikravandi, Tamilnadu · Sri Murugan MRM, Cuddalore, Tamilnadu · Muthu Kumaran MRM, Kallakuruchi, Tamilnadu · Andaver Rice Mill, Kallakuruchi, Tamilnadu · Thiruvalluear MRM, Kallakuruchi, Tamilnadu · Needhi Rice Mill, Pudukottai, Tamilnadu · SKP Rice Mill-Kangasabai, Madurai, Tamilnadu · Marris MRM, Madurai, Tamilnadu
No. of Employees :	186 (Approximately)
Bankers :	· HDFC Bank, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India · Karur Vysya Bank Limited · ICICI Bank Limited · State Bank of India · HDFC Bank

Banking Relations :	--
Auditors :
Name :	A. Jagannathan Chartered Accountant
Address :	‘Yellam Nanmaike’ Complex – First Floor, 18/35, Maraimalai Adigal Street, Erode – 638001, Tamilnadu, India
Tel. No.:	91-422-2222410
Memberships :	Engineering Export Promotion Council (EEPC)

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Share	Rs.100/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Share	Rs.100/- each	Rs.2.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		30.640	12.816	7.338
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32.640	14.816	9.338
LOAN FUNDS
1] Secured Loans		26.839	21.384	2.048
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		26.839	21.384	2.048
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		59.479	36.200	11.386
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		56.063	14.820	15.194
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.899	4.187	4.363
	Sundry Debtors	27.257	16.611	15.036
	Cash & Bank Balances	3.368	17.626	1.300
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.894	1.735	2.667
Total Current Assets		37.418	40.159	23.366
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	34.002	18.779	7.588
	Other Current Liabilities	0.000	0.000	19.346
	Provisions	0.000	0.000	0.286
Total Current Liabilities		34.002	18.779	27.220
Net Current Assets		3.416	21.380	[3.854]
MISCELLANEOUS EXPENSES		0.000	0.000	0.046
TOTAL		59.479	36.200	11.386

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income (Turnover)	243.913	171.940	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		25.223	9.526	5.048
Less/ Add	DEPRECIATION/ AMORTISATION		7.399	4.047	1.661
	PROFIT BEFORE TAX		17.824	5.479	3.387
Less	TAX		1.418	1.826	0.876
	PROFIT AFTER TAX		16.406	3.653	2.511
	Earnings Per Share (Rs.)		820.30	182.65	125.55

Particulars	31.03.2011
Sales Turnover (Approximately)	370.000

The above information has been parted by Mr. Nivedita.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	7.31	3.19	NA
Return on Total Assets (PBT/Total Assets}	(%)	19.07	9.97	8.78
Return on Investment (ROI) (PBT/Networth)		0.55	0.37	0.08
Debt Equity Ratio (Total Liability/Networth)		1.86	2.71	3.13
Current Ratio (Current Asset/Current Liability)		1.10	2.14	0.86

LOCAL AGENCY FURTHER INFORMATION

TRADE REFERENCE:

· Jagruti Mills (Chennai)

FORM 8:

Corporate identity number of the company	U00292TZ2004PTC011419
Name of the company	ORANGE SORTING MACHINES INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	SF No 90 3chinnavedampatti Village, Coimbatore – 641006, Tamilnadu, India jhemapriya@rediffmail.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank Limited HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Rbbform8@hdfcbank.com
Nature of instrument creating charge	i) Letter of Hypothecation and ii) Memorandum relating to hypothecation of Plant and Machinery. (Collectively constitute a single charge for Rs.35.000 Millions)
Date of instrument Creating the charge	05/03/2010
Amount secured by the charge	Rs.35.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment Working Capital facility shall payable On Demand and Term Loan facility shall repayable in suitable installments. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation by way of First Charge on Company's Stocks, Book Debts, Plant and Machinery etc., to secure as a continuing security for the repayment of Rs.35.000 Millions, together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short Particulars of the Property Charge	All the stock in trade both present and future consisting of raw materials, finished goods. All the book-debts, outstanding monies receivables, claims and bills which are now due and owing or which may at any time hereafter during the continuance. All the movable plant and machinery both present and future consisting wind energy converter 800 kw, concrete tower, transformer, DP structure etc.

FIXED ASSETS:

· Computer and Printer

· Vehicles

· Plant and Machinery

· Electronic Equipments

· Furniture and Fittings

· Land and Building

· Holiday Resorts

· Wind Mill

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.44.16
UK Pound	1	Rs.72.10
Euro	1	Rs.63.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.