MIRA INFORM REPORT

Report Date :

06.06.2011

IDENTIFICATION DETAILS

Name :	GOEL INTERNATIONAL PRIVATE LIMITED
Registered Office :	11, CSC DDA Market, A Block, Sarswati Vihar, Delhi – 110 034
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.06.2000
Com. Reg. No.:	55-106078
Capital Investment / Paid-up Capital :	Rs.46.100 Millions
CIN No.: [Company Identification No.]	U51211DL2000PTC106078
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Trader of Rice Business.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings at usual trade terms and conditions with some caution.

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 (GENERAL DETAILS)

Name :	Mr. Rajan
Designation :	Accountant
Contact No.:	91-9215701244
Date :	04.06.2011

LOCATIONS

Registered Office :	11, CSC DDA Market, A Block, Sarswati Vihar, Delhi – 110 034, India
Mobile No.:	91-9215734544/ 9215750431 (Mr. Vinod Kumar Goel)
E-Mail :	goelintl@hotmail.com info@goelrice.net
Website :	http://www.goelrice.net
Factory :	Sonkra Road, Taraori, Karnal-132 116, Haryana, India
Tel. No.:	91-1745-242244 / 243244 / 241644 / 242744
Fax No.:	91-1745-241544 / 242544 / 241544
Area :	1000 sq. ft.
Location	Owned

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Vinod Kumar Goel
Designation :	Managing Director
Address :	462, Ward No. 9, Teh Nilokheri, Taraori, Karnal-132116, Haryana, India
Date of Birth/Age :	07.02.1962
Date of Appointment :	02.06.2000
Election Commission Identity Card No.:	HR/03/12/378654
Name :	Mr. Devi Chand Goel
Designation :	Chairman Cum Managing Director
Address :	402, Ward No. 9, Karnali Gate, Taraori, Karnal-132 116, Haryana, India
Date of Birth/Age :	20.04.1940
Date of Appointment :	01.09.2000
Election Commission Identity Card No.:	HR/03/12/378650
Name :	Mr. Vijay Kumar Goel
Designation :	Director
Address :	165, Ward No. 9, Kunal Theater, Taraori, Karnal-132 116, Haryana, India
Date of Birth/Age :	25.02.1972
Date of Appointment :	02.06.2000
Election Commission Identity Card No.:	HR/03/12/378652
Name :	Mr. Krishan Kumar Goel
Designation :	Director
Address :	166 Ward No. 9, Taraori, Karnal-132 116, Haryana, India
Date of Birth/Age :	14.09.1975
Date of Appointment :	02.06.2000
Election Commission Identity Card No.:	HR/03/12/379082

KEY EXECUTIVES

Name :	Mr. Rajan
Designation :	Accountant
Name :	Mr. Jitender Sharma
Designation :	Secretary
Address :	U-6/17, Phase IIIrd, Gurgaon – 122 002, Haryana, India
Date of Birth/Age :	16.12.1977
Date of Appointment :	01.07.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Vijay Kumar Goel	1909000
Vinod Kumar Goel	1630000
Krishan Kumar Goel	1381000
Devi Chand Goel	20000
Raj Bala Goel	20000
Seema Goel	20000
Rajni Goel	20000
Total	5000000

(AS ON 09.09.2010)

Names of Allotment	No. of Shares Allotted
Vinod Kumar	130000
Krishan Kumar	130000
Vijay Kumar	130000
Total	390000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Trader of Rice Business.
Products :	· Galaxy Basmati Rice (Traditional Basmati rice) · Tarawadi king Basmati Rice (Pusa Basmati Rice) · Shabnam Basmati Rice (Pusa Steam Basmati Rice) · Har-Pal Long Grain (Long Grain Rice) · Gulistha Parboiled Rice (Sella Basmati Rice) · Rehana Long Grain (Long Grain Rice).
Exports:
Countries :	· Dubai · Iran
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS - AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Rice	QTLS/HR	40	40	297707.86

GENERAL INFORMATION

Suppliers :

· Ambika Enterprises

· Carvan Roadways Limited, Kolkata

· DLC Forward Private Limited, Delhi

· Leeladhar Paso forwarding Private Limited

· Reckers Control India Private Limited

· Senzo Crop Protection

· Vikas Traders

· Venus Clearing Agency Prot

Customers :

Wholesalers

· ABAS Mehri

· Al Wasl Food Sruff Trading Company

· Blue Bell Exim (Private) Limited

· Divanizadesh General Trading Company LLC

· Gian Chand Dina Nath

· Garg Traders

· Rama Trading Company

· Mahabir Protenex Private Limited

· M. Kamal Trading LLC

No. of Employees :

20 (Approximately)

Bankers :

· Punjab National Bank,

Railway Road, Taraori Branch, Taraori, Karnal – 132 116, Haryana, India

· State Bank of India

· State Bank of Patiala

· HDFC Bank

Facilities :

Secured Loan	31.03.2010	31.03.2009
	(Rs. In Millions)
PNB Taraori (PCL Account) (Secured against hypothecation of stock)	632.514	544.035
PNB Taraori (C/C Account) (Secured against hypothecation of stock)	29.515	69.836
PNB Term Loan IA 29	4.877	4.991
PNB Packing Credit in Foreign Currency (PCFC)	165.055	0.000
PNB Hong Kong Loan against Machinery Parts	5.806	0.000
Total	837.767	618.862
Unsecured Loan	31.03.2010	31.03.2009
	(Rs. In Millions)
From Director	7.768	7.452
From Others	24.528	43.985
Total	32.296	51.437

Banking Relations :	--
Auditors :
Name :	AKG and Associates Chartered Accountant
Address :	Above Shiv Traders, Novelty Road, Karnal-132001, Haryana, India.
Tel. No.:	91-184-2252779
Mobile No.:	91-9813234188
E-Mail :	akg.associates@gmail.com
Associates/Subsidiaries (As on 31.03.2009) :	· Ganesh Foods, Taraori · Goel Overseas, Taraori · Galaxy Global Education Trust Taraori · Glan Satya Education Trust · G. Estate Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Share	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Share	Rs.10/- each	Rs.50.000 Millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Share	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500050	Equity Share Fully Paid up for a consideration other than cash	Rs.10/- each	Rs.25.000 Millions
2109950	Equity Share	Rs.10/- each	Rs.21.100 Millions
	Total		Rs.46.100 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		46.100	46.100	40.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		59.751	79.608	27.818
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		105.851	125.708	68.618
LOAN FUNDS
1] Secured Loans		837.767	618.862	521.383
2] Unsecured Loans		32.296	51.437	139.413
TOTAL BORROWING		870.063	670.299	660.796
DEFERRED TAX LIABILITIES		2.576	3.050	3.069
Deferred Liabilities		177.136	64.559	53.706
TOTAL		1155.626	863.616	786.189
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]
Capital work-in-progress		61.543	70.099	72.129
		0.000	0.000	0.000
INVESTMENT
DEFERREX TAX ASSETS		0.300	0.000	0.000
		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1001.283	708.597	687.770
	Sundry Debtors	79.480	80.274	12.981
	Cash & Bank Balances	7.217	1.659	1.564
	Other Current Assets	31.795	3.893	4.294
	Loans & Advances	16.746	7.679	42.424
Total Current Assets		1136.521	802.102	749.033
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6.411	1.278	28.092
	Other Current Liabilities	6.854	5.394	3.880
	Provisions	29.473	1.950	3.075
Total Current Liabilities		42.738	8.622	35.047
Net Current Assets		1093.783	793.480	713.986
MISCELLANEOUS EXPENSES		0.000	0.037	0.074
TOTAL		1155.626	863.616	786.189

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1840.000	1775.000	856.943
		Other Income	NA	NA	9.599
		TOTAL	NA	NA	866.542
Less	EXPENSES
		TOTAL	NA	NA	832.916
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	NA	33.626
Less	FINANCIAL EXPENSES		NA	NA	29.626
	PROFIT BEFORE TAX		NA	NA	4.000
Less	TAX		NA	NA	1.057
	PROFIT AFTER TAX		5.072	4.194	2.943
	Export Value		1515.878	1499.328	433.104
	Earnings Per Share (Rs.)		1.10	0.91	0.71

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	NA	0.34
Net Profit Margin (PBT/Sales)	(%)	NA	NA	0.47
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	0.49
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.06
Debt Equity Ratio (Total Liability/Networth)		8.62	5.40	10.14
Current Ratio (Current Asset/Current Liability)		26.59	93.03	21.37

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

During the year the Turnover of the company were Rs.1840.000 millions and the Company earned Net Profit of Rs.5.072 millions as compared to Turnover of Rs.1775.000 millions and profit of Rs.4.194 millions or the previous year.

Bankers Charges Report as per Registry

Name of the company	GOEL INTERNATIONAL PRIVATE LIMITED
Presented By	Punjab National Bank, Taraori, (Karnal)
1) Date and description of instrument creating the change	Hypothecation of assets to secure term loan dated 14.11.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs.3.400 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of machinery i.e. sortex machine.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest to be charged at the rate of 10.5% p. a repayable the loan by and quarterly installments of Rs.0.425 million each plus interest due.
5) Name and Address and description of the person entitled to the charge.	Punjab National Bank, Railway Road, Taraori Branch, Taraori, Karnal-132 116, Haryana, India
6) Date and brief description of instrument modifying the charge	Not Available
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Available

Corporate identity number of the company	U51211DL2000PTC106078
Name of the company	Goel International Private Limited
Address of the registered office or of the principal place of business in India of the company	11, CSC DDA Market, A Block, Sarswati Vihar, Delhi – 110 034, India goelintl@hotmail.com
This form is for	Modification of charge
Type of charge	Immovable Property Any Interest in immovable property Book Debts Movable Property (not being pledge) Corporate Guarantee
Particular of charge holder	Punjab National Bank, Taraori Branch, Taraori, Karnal- 132116, Haryana, India shailender18876@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	Letter of Continuity
Date of instrument Creating the charge	17.05.2011
Amount secured by the charge	Rs.671.800 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per agreement with M/s Goel Overseas, Taraori Terms of Repayment As per agreement with M/S Goel Overseas, Taraori Margin As per agreement with M/S Goel Overseas, Taraori Extent and Operation of the charge Rs.671.800 Millions (CC Hyp 350.000 Millions + PCL/PCFL 450.000 Millions + FOBP/ FOUBP/ FOBNLC/ FOUBNLC/ FABC/ FAUBC 85.000 Millions) with ceiling of Rs.650.000 Millions and FLG 17.700 Millions + FLC 4.100 Millions with overall limit of Rs.671.800 Millions limits given by the bank to M/s Goel Overseas, Taraori
Short particulars of the property charged	1st charge by way of hypothecation of stock of raw material, stock in process, finished goods and consumables and other current assets of the company equitable mortgage in respect of land together with all buildings, super-structures, plant and machinery. lease deed 99/1 dated 24-04-2001 and RTD. No. 119/1 dated 09-05-2000 situated at pakhana. Equitable mortgage of property vide RTD No. 300/1 dated 11-05-2010 in the name of the company.
Particulars of the present modification	Addition of property: equitable mortgage of property vide RTD No. 300/1 dated 11-05-2010 in the name of the company to secure the limits given by the Bank to M/s Goel Overseas, Taraori Other terms and conditions remains same.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Motor Cycle

· Moisture Machine

· Type Writer

· Air Conditioner

· Tractor Trolly

· Motor Car

· Furniture

· Computer

· Fax

· Lab Equipment

· Photostat

· Trade Mark

· Telephone

· Generator

· Refrigerator

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.44.85
UK Pound	1	Rs.73.29
Euro	1	Rs.64.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.