MIRA INFORM REPORT

Report Date :

21.06.2011

IDENTIFICATION DETAILS

Name :	POONA DAL AND BESAN MILLS PRIVATE LIMITED
Formerly Known As :	POONA BESAN MILLS LIMITED
Registered Office :	71/A, Hadapsar Industrial Estate, Pune-411013, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.05.1985
Com. Reg. No.:	11-36382
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U15313PN1985PTC036382
TAN No.: [Tax Deduction & Collection Account No.]	PNEP02880D
PAN No.: [Permanent Account No.]	AABCP2949M
Legal Form :	Private Limited Liability Company
Line of Business :	Processing of pulses.
No. of Employees :	180 (In office 50 + In factory – Contract Basis)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1297000
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 ad 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Gautam Surana
Designation :	Import Department
Date :	21.06.2011

LOCATIONS

Registered Office :	71/A, Hadapsar Industrial Estate, Pune-411013, Maharashtra, India
Tel. No.:	91-20-26872003/ 4/ 5
Fax No.:	91-20-26873266
E-Mail :	pdbmltd@eth.net
Location:	Owned
Factory:	Shriur, Shikrapur Nagar Road highway, Pune – 411366, Maharashtra, India
Tel No.:	91-2137-646250

DIRECTORS

As on 26.09.2009

Name :	Mr. Jalamchand Kesharchand Parakh
Designation :	Whole time Director
Address :	584/2, Salisbury Park, Pune-411001, Maharashtra, India
Date of Birth/Age :	29.09.1942
Date of Appointment :	28.05.1985
DIN or Income-tax PAN :	00092558
Name :	Mr. Sunil Deepchand Parakh
Designation :	Director
Address :	584/2, Salisbury Park, Pune-411001, Maharashtra, India
Date of Birth/Age :	20.02.1964
Date of Appointment :	30.04.1988
DIN or Income-tax PAN :	00053265
Name :	Mr. Sujit Deepchand Parakh
Designation :	Managing Director
Address :	584/2, Salisbury Park, Pune-411001, Maharashtra, India
Date of Birth/Age :	30.10.1966
Date of Appointment :	30.06.2005
DIN or Income-tax PAN :	00067011
Name :	Mr. Swapnil Jalamchand Parakh
Designation :	Whole Time Director
Address :	584/2, Salisbury Park, Pune-411001, Maharashtra, India
Date of Birth/Age :	11.01.1973
Date of Appointment :	26.07.2003
DIN or Income-tax PAN :	00066960
Name :	Rajendrakumar Banshilal Bhandari
Designation :	Whole-time director
Address :	3761 8, Navi Peth, Ahmednagar – 414 001, Maharashtra, India
Date of Birth/Age :	21.02.1965
Date of Appointment :	24.07.2010
DIN or Income-tax PAN :	03145839
Name :	Mr. Balasubramaniam Venkatraman
Designation :	Whole Time Director
Address :	3/9, Government Quarters, Mukund Nagar Swargate, Pune-411037, Maharashtra, India
Date of Birth/Age :	13.07.1964
Date of Appointment :	29.09.1997
Date of Ceasing :	24.07.2010
DIN or Income-tax PAN :	00179767
Name :	Mr. Pradip Poonamchand Parakh
Designation :	Director
Address :	D 15, Himani Co-Operative Society, 14, Erandvane Near Mangeshkar Hospital, Pune-411004, Maharashtra, India
Date of Birth/Age :	07.05.1955
Date of Appointment :	01.09.2009
Date of Ceasing :	24.07.2010
DIN or Income-tax PAN :	00053321
Name :	Mr. Deepchand Kesharchand Parakh
Designation :	Whole Time Director
Address :	584/2, Salisbury Park, Pune-411001, Maharashtra, India
Date of Birth/Age :	04.04.1940
Date of Appointment :	28.05.1985
Date of Ceasing:	01.09.2009
DIN or Income-tax PAN :	00067044

KEY EXECUTIVES

Name :	Mr. Gautam Surana
Designation :	Import Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2009

Names of Shareholders	No. of Shares
Deepchand K. Parakh	4510
Deepchand K. Parakh (HUF)	3600
Sudarshanbai D. Parakh	3600
Sunil D. Parakh	4000
Rajashree S. Parakh	3600
Sujit D. Parakh	4000
Meera S. Parakh	1010
Jalamchand K. Parakh	4510
Jalamchand K. Parakh (HUF)	3600
Vijayabai J. parakh	3600
Jayant Hiralal Shah	3970
Total	40000

As on 26.09.2009

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Processing of pulses.

Products :

Product Description	ITC Code
Pulses	319300949

Imports :

Products :

Raw Materials Pulses

Countries :

· Australia

· Canada

Terms :

Selling :

Credit (30 days)

Purchasing :

L/C

PRODUCTION STATUS (AS ON 31.03.2009)

Particulars	Hadapsar Unit	Shikrapur Unit
Licensed Capacity	N.A.	60000 M.T.
Installed Capacity	45000 M.T.	45000 M.T.

Particulars	Actual Production
Chana Dal	22189.235
Chana Besan	37222.220
Chuni Fole	11407.781
Vatana Dal	16700.930
Vatana Flour	16934.880
Masoor Dal	0.000

GENERAL INFORMATION

Customers:

Wholesalers

No. of Employees :

180 (In office 50 + In factory – Contract Basis)

Bankers :

• Central Bank of India, Bhavani Peth Branch, Pune-411002, Maharashtra, India
• ICICI Bank

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Corporation Bank Camp Branch, Pune Car Loan A/c	5.159	2.500
Cholamandle DBS Finance Tempo Loan A/c	0.134	0.466
ICICI Bank Car Loan A/c	0.898	2.022
Corporation Bank Vashi A/c	1.085	0.000
Total	7.276	4.988

Banking Relations :	--
Financial Institute:	Cholamandle DBS Finance
Auditors :
Name :	Bharat H. Shah and Associates Chartered Accountants
Address :	B 202, Premanand Park, Wanworie, Pune – 411 040, Maharashtra, India
Group Companies:	· Poona Dal and Oil India lImited · Poona Roller Floor Mill Limited · Poona Floor and Food · PDBM International Limited

CAPITAL STRUCTURE

As on 26.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 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		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		320.347	290.308	262.618
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		324.347	294.308	266.618
LOAN FUNDS
1] Secured Loans		7.276	4.988	4.109
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		7.276	4.988	4.109
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		331.623	299.296	270.727
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		56.749	54.468	49.860
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		9.335	9.335	9.335
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	263.789	276.795	404.987
	Sundry Debtors	207.986	168.372	226.363
	Cash & Bank Balances	159.315	145.188	181.318
	Other Current Assets	1.240	1.240	1.305
	Loans & Advances	58.591	68.509	32.108
Total Current Assets		690.921	660.104	846.081
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	368.307	394.283	617.547
	Other Current Liabilities	13.575	0.328	1.002
	Provisions	43.500	30.000	16.000
Total Current Liabilities		425.382	424.611	634.549
Net Current Assets		265.539	235.493	211.532
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		331.623	299.296	270.727

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	5690.863 (Includes increase in stock)	6144.943	5596.736
		Other Income		17.330	10.481
		TOTAL (A)	5690.863	6162.273	5607.217
Less	EXPENSES
		Manufacturing Expenses	5647.324	73.223	67.616
		Administrative Expenses		44.382	46.558
		Raw Material Consumed		5930.178	5297.718
		Payments to and provision for employees		22.621	18.100
		Increase/(Decrease) in Finished Goods		29.421	110.829
		TOTAL (B)	5647.324 (including depreciation and financial expenses)	6099.825	5540.821
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)
Less	FINANCIAL EXPENSES (D)			13.047	4.076
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)
Less/ Add	DEPRECIATION/ AMORTISATION (F)			7.711	7.233
	PROFIT BEFORE TAX (E-F) (G)		43.539	41.690	55.087
Less	TAX (H)		13.500	14.000	16.000
	PROFIT AFTER TAX (G-H) (I)		30.039	27.690	39.087
	IMPORTS VALUE		NA	2300.164	1991.245
	Earnings Per Share (Rs.)		750.96	692.25	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.53	0.45	0.70
Net Profit Margin (PBT/Sales)	(%)	NA	0.68	0.98
Return on Total Assets (PBT/Total Assets}	(%)	5.82	5.83	6.15
Return on Investment (ROI) (PBT/Networth)		0.13	0.14	0.21
Debt Equity Ratio (Total Liability/Networth)		1.33	1.46	2.40
Current Ratio (Current Asset/Current Liability)		1.62	1.55	1.33

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors for Goods	359.688	384.908	610.200
Sundry Creditors for Expenses	8.619	9.375	7.347
	368.307	394.283	617.547

Bankers Charges Report as per Registry

Name of the company	POONA DAL AND BESAN MILLS PRIVATE LIMITED
Presented By	Director
1) Date and description of instrument creating the change	a) Agreement for hypothecation of book debts dated 13.12.1996 b) Unattested deed of hypothecation of movable dated 13.12.1996 c) Hypothecation of goods to secure demand cash credit. All the above documents constitude a single chare for Rs. 150.000 Millions
2) Amount secured by the charge/amount owing on the securities of charge	a) Rs. 150.000 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	--
4) Gist of the terms and conditions and extent and operation of the charge.	This is pari passu charge by Central Bank of Indial, Bhaani Peth, Pune, Favouring corporation bank camp. Pune. Central Ban of India is the lead bank in the consortium arrangement
5) Name and Address and description of the person entitled to the charge.	Central Bank of India, Bhavani Peth Branch, Pune-411002, Maharashtra, India
6) Date and brief description of instrument modifying the charge	a) First Supplemental Deed of hypothecation dated 14.03.2000 b) Second Supplemental Deed of hypothecation dated 01.03.2001 c) Third Supplemental Deed of Hypothecation dated 06.10.2001 d) Forth Supplemental Deed of hypothecation dated 20.11.2002
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.	a) First Supplemental Deed of Hypothecation dated 14.03.2000 The Credit Facilities has been enhanced from Rs. 150.000 Million to Rs. 330.000 Millions b) Second Supplemental Deed of hypothecation dated 01.03.2001 The credit facilities has been enhanced form Rs. 330.000 Millions to Rs. 440.000 Millions c) Third Supplemental Deed of Hypothecation dated 06.10.2001 The credit facilities has been enhanced form Rs. 440.000 to Rs. 955.000 Millions d) Forth Supplemental Deed of Hypothecation dated 20.11.2002 The Credit Facilities has been enhanced from Rs. 955.000 Million to Rs. 1071.000 Millions The charge is a pari passu charge by Central Bank of India (Lead Bank)

Corporate identity number of the company	U15313PN1985PTC036382
Name of the company	POONA DAL AND BESAN MILLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	71/A, Hadapsar Industrial Estate, Pune-411013, Maharashtra, India E-Mail: pdbmltd@eth.net
This form is for	Modification of charge
Charge identification number of the modified	10060365
Type of charge	Immovable Property Movable Property
Particular of charge holder	Central Bank of India, Bhavani Peth Branch, Pune-411 002, Maharashtra, India E-Mail: creditpunero@centralbank.co.in
Nature of description of the instrument creating or modifying the charge	Mortgage Deed Dated 12.11.2009
Date of instrument Creating the charge	12/11/2009
Amount secured by the charge	Rs.1556.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 13.00% p.a. (floating) at present subject to revision from time to time. Terms of Repayment: CC - running account repayable on demand subject to review/renewal every year. Margin: Inventory 25% Book Debts 50% (as at present) Extent and Operation of the charge: The charge operates to provide specific security for the repayment/ payment of the principal amount of the facilities, all interest, premia on prepayment, fees, costs, charges, expenses and all other monies and all future properties hereinafter agreed to be granted, conveyed, transferred, assured and assigned by the borrower to the lender in terms of the provisions of the agreement.
Short particulars of the property charged	The whole of the Block Assets of the Unit I at Hadapsar and at Shikrapur. Current Assets of the Borrower namely Stocks of Raw Materials, Stocks in Process, Semi-Finished and Finished Goods, Stores and Spares not relating to Plant and Machinery (Consumable Stores and Spares) Bills Receivables and Book Debts and all other movables, both present and future in or about the borrowers factories at Hadapsar, Shikrapuror wherever else, or in the course of transit or on high seas
Particulars of the present modification	Mortgage Assets will be 1)Plot no. 71, Admeasuring 7627.336 Sq. Mtrs (82100 Sq. feet) Hadapsar Industrial Estate of Mouje Hadapsar, Taluka Haveli, District Pune 2) Lease hold Land being GAT No. 336 Hissa No. 1 (Old GAT No. 750 Hissa No. 1) admeasuring 1 H-76 ares (4 Acres 16 Gunthas) village Shikrapur, Taluka Shirur, Dist Pune 3) Lease hold Land being GAT No. 336 Hissa No. 2 (Old GAT No. 750 Hissa No. 2) admeasuring 1 H-76 ares (4 Acres 16 Gunthas) village Shikrapur, Taluka Shirur, District Pune.

Corporate identity number of the company	U15313PN1985PTC036382
Name of the company	POONA DAL AND BESAN MILLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	71/A, Hadapsar Industrial Estate, Pune-411013, Maharashtra, India
This form is for	Modification of Charge
Charge identification number of the modified	10060365
Type of charge	Immovable Property Movable Property
Particular of charge holder	Central Bank of India, Bhavani Peth Branch, Pune-411002, Maharashtra, India
Nature of instrument creating charge	Joint Deed of Hypothecation dated 27.06.2009
Date of instrument Creating the charge	27.06.2009
Amount secured by the charge	Rs. 1556.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13.00% p.a. (floating) at present subject to revision from time to time Terms of Repayment CC- running account repayable on demand subject to review/ renewal every year. Margin Inventory 25% Book debts 50% (as at present) Extent and Operation of the charge The charge operates to provide specific security for the repayment/ payment of the principal amount of the facilities, all interest, premia on prepayment, fees, costs, charges, expenses and all other monies and all future properties hereinafter agreed to be granted, conveyed, transferred, assured and assigned by the borrower to the lender in terms of the provisions of the agreement.
Short particulars of the property charged	The whole of the Block Assets of the Unit I at Hadapsar and at Shikrapur. Current Assets of the Borrower namely Stocks of Raw Materials, Stocks in Process, Semi-Finished and Finished Goods, Stores and Spares not relating to Plant and Machinery (Consumable Stores and Spares) Bills Receivables and Book Debts and all other movables, both present and future in or about the borrowers factories at Hadapsar, Shikrapuror wherever else, or in the course of transit or on high seas
Particulars of the present modification	The aggregate Working Capital Facilities sanctioned to the Borrower by member Banks of CBI Consortium enhanced from 1414.000 Millions to 1556.500 Millions

FIXED ASSETS:

· Office Building

· Plant and Machinery

· Vehicles

· Office Equipments

· Furniture and Fixtures

· Residential Flat

· Electrical Equipments

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.44.99
UK Pound	1	Rs.72.59
Euro	1	Rs.64.01

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.