MIRA INFORM REPORT

Report Date :

29.06.2011

IDENTIFICATION DETAILS

Name :	OM OIL AND FLOUR MILLS LIMITED
Registered Office :	Type-II, No. 8, Industrial Estate, Khapuria, Cuttack – 753 010, Orissa
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	31.03.1997
Com. Reg. No.:	15-4861
Capital Investment / Paid-up Capital :	Rs.46.369 millions
CIN No.: [Company Identification No.]	U15495OR1997PLC004861
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturers and Exporters of Renowned Quality Spices, Vermicelli and Pasta Products
No. of Employees :	Not Available

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 760000
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

LOCATIONS

Registered Office :	Type-II, No. 8, Industrial Estate, Khapuria, Cuttack – 753 010, Orissa, India
Tel. No.:	91-671-2341321
Fax No.:	91-671-2344538
E-Mail :	ctk_ruchi10@sancharnet.in omoil@dataone.in

DIRECTORS

As on 30.09.2010

Name :	Mr. Sarat Kumar Sahoo
Designation :	Managing Director
Address :	Kazidiha Industrial Estate, Khapuria, Madhupatna, Cuttack – 753 010, Odisha, India
Date of Birth/Age :	22.07.1950
Date of Appointment :	31.03.1997
DIN No. :	00303263
Name :	Mr. Sradhananda Jena
Designation :	Whole Time Director
Address :	Kusupur, Mahanga, Cuttack – 754 285, Odisha, India
Date of Birth/Age :	02.02.1946
Date of Appointment :	01.09.1997
DIN No. :	00303599
Name :	Mrs. Sangita Sahoo
Designation :	Whole Time Director
Address :	Kazidiha Industrial Estate, Khapuria, Madhupatna, Cuttack – 753 010, Odisha, India
Date of Birth/Age :	15.12.1961
Date of Appointment :	30.09.2009
DIN No. :	00303337
Name :	Mr. Arbind Sahoo
Designation :	Whole Time Director
Address :	Kazidiha Industrial Estate, Khapuria, Madhupatna, Cuttack – 753 010, Odisha, India
Date of Birth/Age :	28.09.1981
Date of Appointment :	30.09.2009
DIN No. :	00303409
Name :	Mrs. Rashmi Sahoo
Designation :	Whole Time Director
Address :	Kazidiha Industrial Estate, Khapuria, Madhupatna, Cuttack – 753 010, Odisha, India
Date of Birth/Age :	17.07.1984
Date of Appointment :	30.09.2009
DIN No. :	00303512

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Sarat Kumar Sahoo	663040
Sangita Sahoo	215180
Alekh Sahoo	21050
Siba Sahoo	17500
Satyasai Sahoo	44000
Arbind Sahoo	11530
Namoosidhi Mercantile Private Limited, India	772000
Investment Tuusteecoorissap Limited, India	350000
R K Metal and Wood Products Private Limited, India	2080633
Basukinath Vincom Private Limited, India	20000
Minimart Vayapaar Private Limited, India	10000
Jealous Vincom Private Limited, India	20000
Wex Ford Sales Private Limited, India	40000
Coxis Finance and Investment Limited, India	12000
Pixiel Advertising Private Limited, India	120000
Arjit Commercial Private Limited, India	20000
Bhagirathi Dealcom Private Limited, India	20000
Shristi Suppliers Private Limited , India	20000
Qualitorn Distributors Private Limited, India	10000
Hora Fin. and Inv. Private Limited	40000
Satvik Retail Private Limited, India	50000
Vibhuit Markiting Private Limited, India	10000
Sonic Impex Private Limited, India	50000
Akshay Kumar Parija	20000
Total	4636933

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Venture capital	8.00
Bodies corporate	71.00
Directors or relatives of directors	21.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Renowned Quality Spices, Vermicelli and Pasta Products

Products :

Product Description	ITC Code
Turmeric Powder	091030 02
Chili Powder	090420 02

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Spices Division	M.T.	NA	6500.00	5128.34
Vermicelli Division	M.T.	NA	12600.00	3894.51

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited

Jayashree Plaza, Badambadi, Cuttack – 380 006, Orissa, India

· Indusind Bank Limited

2401, Gen Thimmayya Road, Contonment, Pune – 411 001, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Term Loan from AXlS Bank Limited Cuttack (Alc.3179)	21.488	70.156
FC Term Loan from AXlS Bank Limited, Cuttack (A/c.2381)	29.261	0.000
Cash Credit from Axis Bank Limited, Cuttack	52.317	66.932
FC Term Loan from AXlS Bank Limited, Cuttack	50.328	0.000
T/L from FC Term Loan from AXlS Bank Limited, Cuttack (A/C No. 7902)	14.410	0.000
H.P. Loan from Ashok Leyland Finance Limited	0.000	0.047
H.P. Loan from Indusind Bank Limited, Cuttack	1.287	1.584
Term Loan from AXIS Bank Limited, Cuttack (A/c 2233)	0.000	4.424
Total	169.091	143.143

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
M/s Namosidhi Mercantile Private Limited	10.100	10.581
M/s E C Packaging Private Limited	0.031	0.000
M/s. Herald Advertisement Services	0.800	0.000
From Directors (and relatives)	2.130	3.381
Total	13.061	13.962

Banking Relations :	--
Auditors :
Name :	Bajoria and Company Chartered Accountant
Address :	Ganesh Ghat, Cuttack – 753 002, Orissa, India
Tel. No.:	91-671-2421436 / 2416168
Fax No.:	91-671-2421103
E-Mail :	bajoriaca@rediffmail.com

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4636933	Equity Shares	Rs.10/- each	Rs.46.369 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		46.369	44.649	41.049
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		143.676	108.147	74.879
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		190.045	152.796	115.928
LOAN FUNDS
1] Secured Loans		169.091	143.143	142.240
2] Unsecured Loans		13.061	13.962	14.888
TOTAL BORROWING		182.152	157.105	157.128
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		372.197	309.901	273.056
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		279.222	261.207	242.048
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.300	0.300	0.300
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	103.985	107.943	83.106
	Sundry Debtors	19.550	19.578	19.121
	Cash & Bank Balances	105.846	38.025	37.754
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.846	10.895	12.379
Total Current Assets		243.227	176.441	152.360
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	104.935	74.521	78.312
	Other Current Liabilities	38.100	48.059	38.649
	Provisions	7.517	5.467	4.691
Total Current Liabilities		150.552	128.047	121.652
Net Current Assets		92.675	48.394	30.708
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		372.197	309.901	273.056

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	822.972	631.826	463.841
		Other Income	3.712	2.409	1.910
		TOTAL (A)	826.684	634.235	465.751
Less	EXPENSES
		Purchases	612.552	477.782	335.491
		Decrease / (Increase) in stocks	3.958	(24.836)	1.604
		Manufacturing Expenses	35.013	31.315	25.527
		Administrative Expenses	60.276	52.020	34.633
		Selling and Distribution Expenses	56.155	38.912	30.650
		TOTAL (B)	767.954	575.193	427.905
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		58.730	59.042	37.846
Less	INTEREST (D)		19.734	22.649	12.238
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.996	36.393	25.608
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.550	14.047	9.518
	PROFIT BEFORE TAX (E-F) (G)		23.446	22.346	16.090
Less	TAX (H)		7.872	6.912	3.658
	PROFIT AFTER TAX (G-H) (I)		15.574	15.434	12.432
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		68.490	53.056	40.624
	BALANCE CARRIED TO THE B/S		84.064	68.490	53.056
	Earnings Per Share (Rs.)		3.69	3.66	3.03

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.88	2.43	2.67
Net Profit Margin (PBT/Sales)	(%)	2.85	3.54	3.47
Return on Total Assets (PBT/Total Assets}	(%)	4.49	5.11	4.08
Return on Investment (ROI) (PBT/Networth)		0.12	0.15	0.14
Debt Equity Ratio (Total Liability/Networth)		1.75	1.87	2.40
Current Ratio (Current Asset/Current Liability)		1.62	1.38	1.25

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

The turnover has grown from Rs.631.826 millions in the previous year to Rs.822.972 millions in the current year, recording a growth of around 30% over the previous year's performance. The Directors are optimtstic that the profits will improve in the current year, since the benefits of the enhanced level of operations will start accruing.

FORM 8

Corporate identity number of the company	U15495OR1997PLC004861
Name of the company	OM OIL AND FLOUR MILLS LIMITED
Address of the registered office or of the principal place of business in India of the company	Type-II, No. 8, Industrial Estate, Khapuria, Cuttack – 753 010, Orissa, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Indusind Bank Limited 2401, Gen Thimmayya Road, Contonment, Pune – 411 001, Maharashtra, India
Nature of instrument creating charge	Loan agreement for purchase of 1 No. of M&M BOLERO SLX 2WD 7STR BS2 Eng. No-GHB4A13937, Ch. no-MA1XA2GHKB2A63138.
Date of instrument Creating the charge	22.02.2011
Amount secured by the charge	Rs.0.470 million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 7.10% FLAT Terms of Repayment 2 Years Margin Margin: Rs.0.133 million Service Charges: Rs.0.000 million Document Charges: Rs.0.002 million GPA: Rs.0.001 million Health: Rs.0.003 million Total: Rs.0.156 million Extent and Operation of the charge First Charge On Vehicle Purchased From Bank Finance
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1 No. of M and M BOLERO SLX 2WD 7STR BS2 Eng. No-GHB4A13937, Ch. no-MA1XA2GHKB2A63138.

FIXED ASSETS

· Land and Site Development

· Land (Staff Quarter)

· Building (Factory and Office)

· Building (Staff Quarter)

· Plant and Machinery (Imp.)

· Plant and Machinery (Ind.)

· Electrical Installation

· Panel Board

· Transformer

· Boller

· Air Compressor

· Water Supply Installation

· Furniture and Fixture

· Office Equipment

· Computer System

· Laboratory Equipment

· Tools and Implements

· Telephone Installation

· Vehicles

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.45.05
UK Pound	1	Rs.71.92
Euro	1	Rs.64.34

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	YES
--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		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.