MIRA INFORM REPORT

Report Date :

16.11.2011

IDENTIFICATION DETAILS

Name :	PV SONS CORN MILLING COMPANY PRIVATE LIMITED
Registered Office :	Plot No. F-1, Rangangaon MIDC, Taluka Shirpur, District Pune-412210, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.11.2004
Com. Reg. No.:	11-019969
Capital Investment / Paid-up Capital :	Rs. 2.000 Millions
CIN No.: [Company Identification No.]	U01119PN2004PTC019969
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Maize Flour, Maize Meal, Maize Husk etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 280000
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	Plot No. F-1, Rangangaon MIDC, Taluka Shirpur, District Pune-412210, Maharashtra, India
Tel. No.:	91-218-645051
Fax No.:	Not Available
E-Mail :	pareshchheda@gmail.com info@pvcornmilling.com
Website :	www.pvcornmilling.com

DIRECTORS

AS ON 27.09.2010

Name :	Mr. Parag Dinesh Chheda
Designation :	Director
Address :	4-1-18/575, Achanpally, shankkarnagar, Bodhan, Nizamabad-503185, Andhra Pradesh, India
Date of Birth/Age :	12.12.1978
Date of Appointment :	29.11.2004
DIN No.:	01908840

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	U01119PN2004PTC019969	PV SONS CORN MILLING COMPANY PRIVATE LIMITED	Director	29-11-04	29-11-04	Active	NO
2	U15139PN2009PTC134831	MMC FOODS PRIVATE LIMITED	Director	01-01-10	01-01-10	Active	NO

Name :	Mr. Niket Bhuvanji Chheda
Designation :	Director
Address :	6-20-25/1, Parsi Girni, Gurbabadi Road, Nizamabad-503001, Andhra Pradesh, India
Date of Birth/Age :	19.02.1971
Date of Appointment :	29.11.2004
DIN No.:	01956919
Name :	Mr. Mehul Dinesh Chheda
Designation :	Director
Address :	5-6-532/1, Saraswathi Nagar, Nizamabad-503001, Andhra Pradesh, India
Date of Birth/Age :	15.06.1975
Date of Appointment :	29.11.2004
DIN No.:	01915301

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	U01119PN2004PTC019969	PV SONS CORN MILLING COMPANY PRIVATE LIMITED	Director	29-11-04	29-11-04	Active	NO
2	U15139PN2009PTC134831	MMC FOODS PRIVATE LIMITED	Director	15-10-09	15-10-09	Active	NO
3	U51109WB2007PTC112665	ROHINI VANIJYA PRIVATE LIMITED	Director	22-03-11	22-03-11	Active	NO

Name :	Mr. Mayur Dinesh Chheda
Designation :	Director
Address :	5-6-532/1, Saraswathi Nagar, Nizamabad-503001, Andhra Pradesh, India
Date of Birth/Age :	15.06.1975
Date of Appointment :	31.03.2008
DIN No.:	02297822

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	U01119PN2004PTC019969	PV SONS CORN MILLING COMPANY PRIVATE LIMITED	Director	31-03-08	31-03-08	Active	NO
2	U51109WB2007PTC112665	ROHINI VANIJYA PRIVATE LIMITED	Director	22-03-11	22-03-11	Active	NO

Name :	Mr. Paresh Nikhil Chheda
Designation :	Director
Address :	T 5 Clover Classic, 297 North Main Road, Koregaon Park, Pune-411001, Maharashtra, India
Date of Birth/Age :	19.04.1983
Date of Appointment :	31.03.2008
DIN No.:	02575822

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2010

Names of Shareholders	No. of Shares
Parag Dinesh Chheda	1667
Niket Bhuvanji Chheda	1667
Mehul Dinesh Chheda	1666
Bhuvanji Chheda	5000
Manjulaben Dinesh Chheda	5000
Pallavi Niket Chheda	5000
Total	20000

AS ON 27.09.2010

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of Maize Flour, Maize Meal, Maize Husk etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, 1548A, Sadashiv Peth, Tilak Road, Pune-411030, Maharashtra, India

· Central Bank of India Limited, 317, M. G. Road, Pune-411001, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
FROM BANKS
State Bank of India Pune
a. Term Loan A/c no	41.427	23.084
b. Working Capital CC A/c No.	69.592	14.242
Secured against charge on Company’s Fixed assets and hypothecation, Book Debts in addition to personally guaranteed of the Directors / associate film
Total	111.019	37.326
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Loans and advances	28.648	22.004
(From shareholder / Directors and their relatives)
Total	28.648	22.004

Banking Relations :	--
Auditors :
Name :	P S Rander and Company Chartered Accountant
Address :	5-4-34, Dwaraka Nagar, Khaleek Wadi, Nizamabad-503001, Andhra Pradesh, India
Pan No.:	AABFP9373Q

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs. 2.000 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		2.000	2.000	0.500
2] Share Application Money		38.100	21.000	12.500
3] Reserves & Surplus		31.174	19.174	3.778
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		71.274	42.174	16.778
LOAN FUNDS
1] Secured Loans		111.019	37.326	41.840
2] Unsecured Loans		28.648	22.004	19.234
TOTAL BORROWING		139.667	59.330	61.074
DEFERRED TAX LIABILITIES		1.825	1.500	1.000
TOTAL		212.766	103.004	78.852
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		112.508	82.968	59.475
Capital work-in-progress		0.000	19.411	3.570
INVESTMENT		0.001	0.001	0.001
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	97.964	7.191	16.430
	Sundry Debtors	36.385	24.411	22.943
	Cash & Bank Balances	10.185	3.180	0.470
	Other Current Assets	0.779	1.320	0.000
	Loans & Advances	0.929	2.553	5.586
Total Current Assets		146.242	38.655	45.429
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.261	28.282	21.613
	Other Current Liabilities	9.476	8.395	6.189
	Provisions	0.489	1.621	1.970
Total Current Liabilities		46.226	38.298	29.772
Net Current Assets		100.016	0.357	15.657
MISCELLANEOUS EXPENSES		0.241	0.268	0.149
TOTAL		212.766	103.004	78.852

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	328.856	376.958	215.298
		Other Income
		TOTAL	328.856	376.958	215.298
Less	EXPENSES
		Office Expenses
		Administrative Expenses	291.087	340.701	193.754
		Advertising Expenses
		TOTAL	291.087	340.701	193.754
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		37.769	36.257	21.544
Less	FINANCIAL EXPENSES		15.429	11.450	11.270
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		22.340	24.807	10.274
Less/ Add	DEPRECIATION/ AMORTISATION		6.842	4.186	3.557
	PROFIT BEFORE TAX		15.498	20.621	6.717

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	5.99	16.95	6.40
Return on Investment (ROI) (PBT/Networth)		0.22	0.49	0.40
Debt Equity Ratio (Total Liability/Networth)		2.63	2.35	5.47
Current Ratio (Current Asset/Current Liability)		3.16	1.01	1.53

LOCAL AGENCY FURTHER INFORMATION

Note: Registered office has been shifted from 16, Vishnubaug Housing Society, 1077/A/2, Model Colony, Shivaji Nagar, Pune, Maharashtra, India to the present address w.e.f. 14.04.2009

OPERATIONS:

The performance of the company was satisfactory though it has faced fall in the demand on account of reports and fall in realization on account of appreciation of rupee during the year. However, it had made efforts to earn reasonable margin on domestic sales. During the year the cost of raw material procurement had increased as a result of increase in the MSP by Government which has resulted in requirement of additional working capital. During the current year there are reports of good maize crop and improvement in the international demand and it is expected that the performance will improve in the coming years.

The company has been successful in exploiting market for rice based products and the efforts made on marketing side will yield results in future.

FORM 8

Corporate identity number of the company	U01119PN2004PTC019969
Name of the company	PV SONS CORN MILLING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. F-1, Rangangaon MIDC, Taluka Shirpur, District Pune-412210, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	State Bank of India, Commercial Branch, 1548A, Sadashiv Peth, Tilak Road, Pune-411030, Maharashtra, India
Nature of instrument creating charge	Agreement of Loan-Cum-Hypothecation Dated 30th March 2010.
Date of instrument Creating the charge	30.03.2010
Amount secured by the charge	Rs. 140.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest DCC:@ 0.25% P.A. above SBAR TL:@ 0.25% above SBAR with monthly rest or rate prescribed by bank from time to time. Present SBAR 11.75% p.a, FC: as per agreement. BG: commission as per agreement. Terms of repayment As per agreement. Margin Raw Materials - 25% Finished Goods - 33% Domestic Receivables - 40% Extent and operation of the charge Type of facility: 1. Demand cash credit of Rs. 80.000 millions 2. Term loan of Rs. 41.400 millions 3. Forward contract of Rs. 4.000 millions 4. Bank guarantee of Rs. 15.000 millions total credit facilities of Rs. 140.400 millions. First charge by way of hypothecation on all current assets and movable assets of the company and charge shall continues till full repayment of the loan amount. Other All other terms and conditions are as per agreement.
Short particulars of the property charged (Including location of the property)	All present and future stocks, raw materials, sip, goods, book debts and vehicles and all other movable assets of the borrower/s including receivables, documents of title to goods, outstanding monies, bills, invoices documents, contracts, insurance policies, guarantees, engagements, securities, investments and all machineries and equipments situate at the business place of the borrower/s and elsewhere

FIXED ASSETS

· Building

· Plant and Machinery

· Office Equipments

· Vehicles

· Furniture and Fixtures

· Capital Work in Progress

· land

WEBSITE DETAILS

PROFILE

Subject is a family-run company, dedicated to producing the highest quality food products for consumers around the world. Subject is a very special company: a privately owned, family-run business that has been built on the talent, expertise, and hard work of two generations of the Subject family with an experience of 13 years in this field. The Subject team’s passion for their company and products is the driving force behind its innovations and remarkable success.

By personally directing the work done under the PV Sons name, the team strives to translate their deep respect for their family’s heritage and achievements into high-quality products and contribute to a commitment that forges a successful partnership.

Because Subject considers its people to be its greatest asset "the key to its development, growth, and success" we work hard to foster natural talent and leadership with a managerial style that is based on integrity, sound decision making, and business practices that are always professional and ethical. Presently, they are also involved in the manufacturing of Tortilla chips in India. They are also the sole manufacturing unit in India for tortilla chips under the name of Ekta Food Products, in Nizamabad, Andhra Pradesh.

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. 50.56
UK Pound	1	Rs. 80.29
Euro	1	Rs. 68.78

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	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		45

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	-

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