MIRA INFORM REPORT

Report Date :

09.11.2011

IDENTIFICATION DETAILS

Name :	AVI AGRI BUSINESS PRIVATE LIMITED

Registered Office :	Saket Tower, First Floor, 3A, Ratlam Kothi, A.B. Road, Indore-452001, Madhya Pradesh

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	23.03.2009

Com. Reg. No.:	10-021753

Capital Investment / Paid-up Capital :	Rs.92.598 Millions

CIN No.: [Company Identification No.]	U15311MP2009PTC021753

TAN No.: [Tax Deduction & Collection Account No.]	BPLA04716F

PAN No.: [Permanent Account No.]	AAHCA6168M

Legal Form :	Private limited liability company

Line of Business :	Manufacturer and Exporter of Soybean Meal, Soya Bean Oil, etc.

No. of Employees :	100 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 760000

Status :	New Company

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a relatively new company establishing itself gradually. 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.

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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. S. L. Vaid
Designation :	Finance Manager

LOCATIONS

Registered Office/ Factory :	Saket Tower, First Floor, 3A, Ratlam Kothi, A.B. Road, Indore-452001, Madhya Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	pkvyas@surajimpex.com akmcafiling@gmail.com slvaid@surajimpex.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Praveen Kumar Vyas

Designation :

Director

Address :

37, Tilak Nagar Exe. Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

28.01.1959

Date of Appointment :

23.03.2009

Din No.:

00103686

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51101MP1997PTC012506	SURAJ IMPEX (INDIA) PRIVATE LIMITED	Director	15-10-04	15-10-04	Active	NO
2	U15311MP2009PTC021753	AVI AGRI BUSINESS PRIVATE LIMITED	Director	23-03-09	23-03-09	Active	NO
3	U40109MP2010PTC024726	RISHABH POWER PRIVATE LIMITED	Director	12-11-10	12-11-10	Active	NO
4	U45201MP2008PTC020643	MAX REALMART PRIVATE LIMITED	Director	30-09-11	30-09-11	Active	NO
5	U45200MP2007PTC019877	MARVAL ENTERPRISES PRIVATE LIMITED	Director	30-09-11	30-09-11	Active	NO

Name :

Mr. Mahendra Lakhichand Jalori

Designation :

Director

Address :

91/89, Vishal Deep, Shrushti, Flat No 4, 2^nd Floor TMV Colony, Gultekdi, Pune, Maharashtra, India

Date of Birth/Age :

05.05.1955

Date of Appointment :

24.03.2009

Din No.:

02592482

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15311MP2009PTC021753	AVI AGRI BUSINESS PRIVATE LIMITED	Director	24-03-09	24-03-09	Active	NO
2	U27100CT2008PTC020600	RAJSHREE POWER AND ISPAT PRIVATE LIMITED	Director	25-07-11	21-07-11	Active	NO

KEY EXECUTIVES

Name :	Mr. S. L. Vaid
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Mahendra Lakhichand Jalori		5000
Praveen Kumar Vyas		5000
Suraj Impex (India) Private Limited, India		2000000
Suraj Agri Business Private Limited, Singapore		2494330
Anant Commodities Private Limited, India		125000
Vinod Kumar Jain		250000
Avi Jain		17500
Excel Futures Private Limited, India		4362920

Total		9259750

As on 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		27.00
Bodies corporate		70.00
Directors or relatives of directors		0.10
Other top fifty shareholders		2.90
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Soybean Meal, Soya Bean Oil, etc.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Solvent Extraction	MTs	180000	--
Oil	MTs	--	194.467
Seed Extraction	MTs	--	865.512

GENERAL INFORMATION

No. of Employees :

100 [Approximately]

Bankers :

Punjab National Bank, MCB Branch, Siyaganj, Indore-452001, Madhya Pradesh, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
FROM BANK
Term Loan [The term loan is secured by hypothecation by way of first charge on entire fixed assets and second charge on entire current assets of the company present and future both and equitable mortgage on land situated at Village Chandu Khedi Tehsil an District Ujjain an personally guaranteed by directors] Instilment of term loan due within next 12 months Rs.29.760 Millions	250.496	0.000
Working Capital Loan [Working capital loan is secured by way of first charge on all current assets of the company by hypothecation of stocks of raw material, finished goods, packing material and book debts and second charge on entire fixed assets both present and future and personally guaranteed by directors]	279.784	0.000
Total	530.280	0.000

Unsecured Loans
From Directors and Shareholders	0.000	0.030
Total	0.000	0.030


Banking Relations :	--

Auditors :
Name :	Ashok Khasgiwala and Company Chartered Accountants
Address :	317, Chetak Centre, Annex, R.N.T Marg, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2517341/3046909
Res. No.:	91-731-2523134
E-Mail :	ashokkhasgiwala@yahoo.com

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9259750	Equity Shares	Rs.10/- each	Rs.92.598 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		92.598	0.100
2] Share Application Money		0.000	5.000
3] Reserves & Surplus		99.626	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		192.224	5.100
LOAN FUNDS
1] Secured Loans		530.280	0.000
2] Unsecured Loans		0.000	0.030
TOTAL BORROWING		530.280	0.030
DEFERRED TAX LIABILITIES		4.314	0.000

TOTAL		726.818	5.130

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		225.772	0.038
Capital work-in-progress		174.027	0.000

INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	217.549	0.000
	Sundry Debtors	2.711	0.000
	Cash & Bank Balances	91.698	5.560
	Other Current Assets	0.000	0.000
	Loans & Advances	38.555	0.000
Total Current Assets		350.513	5.560
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.348	0.736
	Other Current Liabilities	0.000	0.000
	Provisions	2.645	0.000
Total Current Liabilities		23.993	0.736
Net Current Assets		326.520	4.824

MISCELLANEOUS EXPENSES		0.499	0.268

TOTAL		726.818	5.130

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	3.672	0.000
		Other Income	16.615	0.000
		TOTAL (A)	20.287	0.000

Less	EXPENSES
		Material Consumed	25.287	0.000
		Other Expenses	1.017	0.000
		Increase / Decrease in Stocks	(21.091)	0.000
		TOTAL (B)	5.213	0.000

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.074	0.000

Less	FINANCIAL EXPENSES (D)		0.194	0.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.880	0.000

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.792	0.000

	PROFIT BEFORE TAX (E-F) (G)		14.088	0.000

Less	TAX (H)		6.960	0.000

	PROFIT AFTER TAX (G-H) (I)		7.128	0.000

	IMPORTS
		Capital Goods	8.126	0.000
	TOTAL IMPORTS		8.126	0.000

	Earnings Per Share (Rs.)		117.46	0.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	35.14	0.00

Net Profit Margin (PBT/Sales)	(%)	383.66	0.00

Return on Total Assets (PBT/Total Assets}	(%)	2.44	0.00

Return on Investment (ROI) (PBT/Networth)		0.07	0.00

Debt Equity Ratio (Total Liability/Networth)		2.88	0.15

Current Ratio (Current Asset/Current Liability)		14.61	7.55

LOCAL AGENCY FURTHER INFORMATION

BUSINESS REVIEW:

During the period, the Company was able to earn Total Income of Rs. 41.379 Millions and a net profit after tax was Rs 7.128 Millions. The authorized share capital of the Company is Rs. 100.000 Millions. The Issued, Subscribed and Fully Paid-up Capital is Rs. 92597500.00/- at the end of accounting period.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10186216
Corporate identity number of the company	U15311MP2009PTC021753
Name of the company	AVI AGRI BUSINESS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	111, Shrivardhan, 4 RNT Marg, Indore-452001, Madhya Pradesh, India
Type of charge	Book Debts Movable Property (not being pledge) Immovable Property
Particular of charge holder	Punjab National Bank, MCB Branch, Siyaganj, Indore-452001, Madhya Pradesh, India
Email	pnbmcbindr@dataone.in
Nature of description of the instrument creating or modifying the charge	1. Joint agreement for term loan 2. Joint deed of hypothecation 3. Working capital consortium agreement
Date of instrument Creating the charge	02.09.2011
Amount secured by the charge	Rs.1000.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Agreement Terms of Repayment Working capital limit: as on demand Term loan: as per agreement Margin As decided by bank time to time. Extent and Operation of the charge The charge is operative against all assets charged to cover all the facilities sanctioned along with interest charges and fees payable there under. Others Working capital agreement- IDBI: Rs.150.000 Millions PNB: Rs. 600.000 Millions Term Loan Agreement- IDBI: Rs. 50.000 Millions PNB: Rs. 200.000 Millions
Short particulars of the property charged	1. Hypothecation of entire stock of raw material, stock in process, stores, goods in transit, finished goods, entire book debts and all other current assets of the company. 2. All block assets (present and future), including fixed assets by way of mortgage land and building embedded in the ground. 3. Hypothecation of all movable Plant and Machinery and other fixed assets 4. Personal Guarantee of Mr. P. K. Vyas, Mr. M. L. Jalori, Mr. S. L. Vaid, Mr. V. K. Jain and Corporate Guarantee of Suraj Impex (India) Private Limited.
Date of latest modification prior to the present modification	02.02.2011
Particulars of the present modification	PNB: there is no change in term loan as well as working capital limit and it stands on Rs. 200.000 Millions s for term loan and Rs. 600.000 Millions s in working capital limit only consortium with IDBI being formed. IDBI: enhancement of working capital limit from Rs. 8.000 Millions to Rs.150.000 Millions and there is no change in term loan it stands at Rs.50.000 Millions s only. Term loan of Rs. 50.000 Millions is provided in consortium with PNB."

FIXED ASSETS:

· Land Freehold

· Factory Building

· Plant and Machinery

· Boiler

· Electrical Installation

· Office Equipments

· Furniture and Fittings

· Laboratory Equipment

· Workshop

· Vehicles

· Computers

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 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.49.38
UK Pound	1	Rs.79.20
Euro	1	Rs.67.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.

MIRA INFORM REPORT

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