MIRA INFORM REPORT

Report Date :

18.05.2011

IDENTIFICATION DETAILS

Name :	RAM DEV RICE PRIVATE LIMITED.
Registered Office :	A/3 – 214, Sector 17, Rohini, New Delhi – 110085
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.04.2004
Com. Reg. No.:	55-125613
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U1532DL2004PTC125613
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Rice
No. of Employees :	230 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1180000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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 :	Mr. Suresh
Designation :	Director
Date :	13.05.2011

LOCATIONS

Registered Office :	A/3 – 214, Sector 17, Rohini, New Delhi – 110085, India
E-Mail :	rdrmills@hotmail.com
Location :	Owned
Factory :	G.T.Road, Near Daha Village, Karnal – 132001, Haryana
Tel. No.:	91-184-2220674/2203015/3291676
Fax No.:	91-184-2220474
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mr. Naresh Kumar
Designation :	Chairman
Address :	1727 Sector 13, Urban Estate, Karnal – 132001, Haryana, India
Date of Birth/Age :	50 Years
Qualification :	Graduate
Date of Appointment :	05.04.2004
DIN No :	01671971
Name :	Mr. Suresh Kumar
Designation :	Director
Address :	1240, Sector 7, Urban Estate, Karnal – 132001, Haryana, India
Date of Birth/Age :	45 Years
Qualification :	Graduate
Date of Appointment :	05.04.2004
DIN N :	01672000

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2010

Names of Shareholders	No. of Shares
Naresh Kumar	650000
Suresh Kumar	650000
Satkar Agro-Tech Private Limited, India	100000
Sunar Foods Private Limited, India	100000
Total	1500000

As on 31.09.2010

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Rice

Products :

· 1121 Steam Rice

· Daali Basmati Rice

· White Basmati Rice

· Barakat Basmati Rice

· Runicha Basmati Rice

· Blue Horse Basmati Rice

· Golden Gate Basmati Rice

· Shree Ram Dev Basmati Rice

· 1121 White Sella Basmati Rice

· 1121 Golden Sella Basmati Rice

Item Code Number (ITC Code)	Product Description
100600	Rice

Exports :

Products :

Rice

Countries :

· Gulf Countries

Terms :

Selling :

Cash and Credit (60 days)

Purchasing :

Cash and Credit (60 days)

PRODUCTION STATUS

Class of Goods	Licensed Capacity	Installed Capacity	Actual Production
Rice Milling	N.A	21000 MT PA	18956 MT PA of paddy Resulting in to 12392 MT PA of Rice

GENERAL INFORMATION

Customers :

· Wholesalers

No. of Employees :

230 (Approximately) (In Office :30, In Factory : 200)

Bankers :

Canara Bank, Railway Road, Taraori, Karnal -132116, Haryana, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Secured Loan	793.521	612.570
Total	793.521	612.570

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Unsecured Loans	34.923	9.915
Total	34.923	9.915

Banking Relations :	-
Auditors :
Name :	Tarun Batra and Company Chartered Accountant
Address :	1085, Sector 6, Karnal – 132001, Haryana, India
Tel. No.:	91-184-2283085
E-Mail :	batratarun@gmail.com
PAN No:	ABQPB7035F

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 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		15.000	15.000	14.000
2] Share Application Money		2.500	0.000	33.000
3] Reserves & Surplus		278.093	197.886	156.774
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		295.593	212.886	203.774
LOAN FUNDS
1] Secured Loans		793.522	612.570	423.083
2] Unsecured Loans		34.923	9.915	22.171
TOTAL BORROWING		828.445	622.485	445.254
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1124.038	835.371	649.028
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		100.706	64.526	61.783
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.356	0.355	1.055
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1013.303	756.614	775.555
	Sundry Debtors	178.312	104.144	50.256
	Cash & Bank Balances	3.885	5.534	6.181
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.664	7.178	4.841
Total Current Assets		1211.164	873.470	836.833
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	180.315	100.059	235.322
	Other Current Liabilities	0.453	0.229	11.725
	Provisions	7.420	2.692	3.629
Total Current Liabilities		188.188	102.980	250.676
Net Current Assets		1022.976	770.490	586.157
MISCELLANEOUS EXPENSES		0.000	0.000	0.033
TOTAL		1124.038	835.371	649.028

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1751.510	1350.376	829.060
		Other Income	0.075	0.777	3.239
		TOTAL (A)	1751.585	1351.153	832.299
Less	EXPENSES
		Cost Of Material	1414.153	930.150	893.773
		Manufacturing Expenses	26.140	24.980	25.778
		Personnel Expenses	5.371	4.274	3.061
		Administration and General Expenses	13.709	12.876	6.427
		Selling and Distribution Expenses	78.437	148.931	75.061
		Adjustment due to (increase)/Decrease in Finished Good Stock	79.654	(31.867)	(258.034)
		TOTAL (B)	1617.464	1089.344	746.066
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		134.121	261.809	86.233
Less	FINANCIAL EXPENSES (D)		88.536	86.197	54.519
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		45.585	175.612	31.714
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.019	3.763	3.082
	PROFIT BEFORE TAX (E-F) (G)		40.566	171.849	28.634
Less	Exceptional Items-Derivative Losses		0.000	161.181	0.000
	PROFIT BEFORE TAX (E-F) (G)		40.566	10.668	28.634
Less	TAX (I)		10.142	2.689	7.047
	PROFIT AFTER TAX (G-I) (J)		30.424	7.979	21.587
Less	Earlier Taxes Paid during the year		0.074	0.000	0.144
	PROFIT AFTER TAX		30.350	7.979	21.443
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		56.358	48.378	26.934
	BALANCE CARRIED TO THE B/S		86.708	56..357	48.377
	Earnings Per Share (Rs.)		20.23	5.32	15.32

Particulars	31.03.2011
Sales Turnover	2500.000

The above information has been parted by Mr. Suresh.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.73	0.59	2.59
Net Profit Margin (PBT/Sales)	(%)	2.31	12.72	3.45
Return on Total Assets (PBT/Total Assets}	(%)	3.09	1.13	3.18
Return on Investment (ROI) (PBT/Networth)		0.13	0.05	0.14
Debt Equity Ratio (Total Liability/Networth)		3.43	3.40	3.41
Current Ratio (Current Asset/Current Liability)		6.43	8.48	3.33

LOCAL AGENCY FURTHER INFORMATION

Future Prospects:-

The company is presently dealing in Basmati Rice, which is exported Middle East. European Countries and United States of America. The Company is in continuous process of exploring new international markets as well as increasing domestic network to increase its share in export as well as in domestic markets.

Address change note:

Registered office of the company has been shifted from E 1/9/8, MIG Flat, 3^rd Floor, Sector 15, Rohini, New Delhi, India to present address w.e.f. 03.03.2008.

Form 8 :

Corporate Identity Number (CIN) or foreign Company	U15312DL2004PTC125613
Name of the company	RAM DEV RICE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A/3, 214, Sector 17, Rohini – 110085, New Delhi, India
Email ID of the Company	rdrmills@hotmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charges to be modified	10125596
Type of charge	Immovable property Any interest in immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Canara Bank, Railway Road, Taraori, Karnal – 132116, Haryana, India Email id : shailender18876@yahoo.co.in
Nature of instrument creating charge	Supplemental Agreement
Date of instrument Creating the charge	04.02.2011
Amount secured by the charge	Rs.350.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 0.50% above base Rate i.e.10% p.a. on monthly rests. Terms of repayment On Demand Margin CC: 25% PC: 10% Extent and operation of the charge Total Limit of Rs.3.500 Millions
Short particulars of the property charged (Including location of the property)	1^st pari passu charge on the entire current assets of the company (present and future) including stock and receivables 2^nd pari passu charge on fixed assets (present and future) of the company including factory land and buildings
Particulars of the present modification	Limit enchanced from Rs.3.300 Millions to 3.500 Millions. Other terms and conditions remains same.

Fixed Assets:

· Revolver

· Car

· Car rate

· Computer

· Generator

· Weighing Scale

· Lab. Equipment

· Land

· Moisture Meter

· Motor Cycle

· Office Equipment

· Plant and Machinery

· Furniture

· Tirpal

· Tractor

· Scooter

· Air Conditioner

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.45.07
UK Pound	1	Rs.72.97
Euro	1	Rs.63.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
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		48

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.