MIRA INFORM REPORT

Report Date :

21.11.2011

IDENTIFICATION DETAILS

Name :	KUNJ ROLLER FLOUR MILLS PRIVATE LIMITED
Registered Office :	Cuttak Road, Bhubaneswar – 751006, Orissa
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.05.1997
Com. Reg. No.:	15-004925
Capital Investment / Paid-up Capital :	Rs.29.830 Millions
CIN No.: [Company Identification No.]	U15311OR1997PTC004925
TAN No.: [Tax Deduction & Collection Account No.]	BBNK00136D
Legal Form :	Private Limited Liability Company
Line of Business :	Subject Deals in Wheat and Wheat Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B [34]

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 236000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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)

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Cuttak Road, Bhubaneswar – 751006, Orissa, India
Tel. No.:	91-674-2581909 / 2312083 / 2312584
Fax No.:	91-674-2312083
E-Mail :	Kashalay_08@rediffmail.com
Flour Mill :	Plot No.171, Sector A, Zone A, Mancheswar Industrial Estate, Bhubaneswar – 751010, Orissa, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Harsh Mohan Gupta

Designation :

Directors

Address :

Gupta Niwas, Station Road, Khurda, Bhubaneswar - 751006, Orissa, India

Date of Birth/Age :

22.07.1984

Date of Appointment :

01.06.2007

DIN :

00492896

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31300OR1994PTC003570	TIRUPATI CONDUCTORS PRIVATE LIMITED	Director	29/03/2003	29/03/2003	-	Active	NO
2	U51214OR1984PTC001019	MAA BHUASUNI INDUSTRIES PRIVATE LIMITED	Director	5/1/2004	5/1/2004	11/6/2007	Active	NO
3	U14102OR2006PTC008937	GLOBAL ROCKS PRIVATE LIMITED	Director	8/9/2006	8/9/2006	-	Strike off	NO
4	U01400OR1994PTC003569	UNIVERSAL INFRA AND AGRI OILS PRIVATE LIMITED	Director	30/11/2009	29/03/2007	-	Active	NO
5	U15314OR2007PTC009338	OMKAAR JAGANNATH AGRO PRIVATE LIMITED	Director	18/05/2007	18/05/2007	-	Active	NO
6	U15311OR1997PTC004925	KUNJ ROLLER FLOUR MILLS PRIVATE LIMITED	Director	1/6/2007	1/6/2007	-	Active	NO
7	U27109OR1984PTC001445	TIRUPATI STEEL INDUSTRIES PRIVATE LIMITED	Director	1/6/2007	1/6/2007	-	Active	YES
8	U15311DL1987PLC029900	BHAWANI ROLLER FLOUR MILLS LIMITED	Director	1/6/2007	1/6/2007	9/2/2010	Active	NO
9	U27310OR1997PLC004783	SHREEJI ISPAT LIMITED	Director	30/09/2008	8/2/2008	16/11/2009	Active	NO

Name :

Mrs. Rashmi Gupta

Designation :

Director

Address :

Gupta Niwas, Station Road, Khurda, Bhubaneswar - 751006, Orissa, India

Date of Birth/Age :

17.11.1979

Date of Appointment :

25.09.2008

DIN :

02494148

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Harsh Mohan Gupta	290000
Rashmi Gupta	285000
Jitendra Mohan Gupta	148000
Subhash Chandra Gupta [HUF]	141500
Kiran Devi Gupta	295000
Pooja Gupta	298000
Ritu Gupta	295000
Sushila Devi Gupta	245000
Rekha Gupta	178000
Padma Gupta	275000
Mahendra Kumar Gupta [HUF]	247500
Adi Narayan Gupta [HUF]	285000
Total	2983000

As on 30.09.2011

Equity Share Break Up Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject Deals in Wheat and Wheat Products.
Products :	Maida, Suji, Atta and Chokad

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Maida, Suji, Atta and Chokad	MTs	30000	30000	37998.53

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, Satya Nagar, Bhubaneswar – 751006, Orissa, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Open Cash Credit loan from Axis Bank Limited, Bhubaneswar against hypothecation of stocks	32.000	40.081
Axis Bank Limited STL	20.190	0.000
Term Loan – 1 From Axis Bank Limited, BHubaneswar	0.000	7.607
Vehicle Loan	0.000	0.208
Total	52.190	47.896
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Modi Consultants Limited	3.400	2.100
Total	3.400	2.100

Banking Relations :	--
Auditors :
Name :	M.P. Mundhra and Company Chartered Accountants
Address :	1^st Floor, Gokul, Above Union Bank of India, College Suarw, Cuttack – 753003, Orissa, India
Tel. No.:	91-671-2547503
E-Mail :	Mp55403@yahoo.com
PAN :	AARFM9854B

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,983,000	Equity Shares	Rs.10/- each	Rs.29.830 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		29.830	29.830	29.830
2] Share Application Money		15.000	15.000	15.000
3] Reserves & Surplus		14.390	12.045	8.965
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		59.220	56.875	53.795
LOAN FUNDS
1] Secured Loans		52.190	47.896	75.806
2] Unsecured Loans		3.400	2.100	5.000
TOTAL BORROWING		55.590	49.996	80.806
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		114.810	106.871	134.601
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.883	29.194	27.096
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.107	0.107	0.107
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	36.609	43.605	47.657
	Sundry Debtors	35.009	21.137	22.150
	Cash & Bank Balances	3.599	2.925	1.528
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.254	14.784	51.203
Total Current Assets		87.471	82.451	122.538
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.002	4.617	14.569
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.679	0.324	0.666
Total Current Liabilities		3.681	4.941	15.235
Net Current Assets		83.790	77.510	107.303
MISCELLANEOUS EXPENSES		0.030	0.060	0.095
TOTAL		114.810	106.871	134.601

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	611.785	489.780	501.055
		Other Income	0.490	0.000	0.000
		TOTAL (A)	612.275	489.780	501.055
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	601.040	482.359	488.687
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.235	7.421	12.368
Less	FINANCIAL EXPENSES (D)		7.012	3.475	8.871
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.223	3.946	3.497
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.751	0.571	0.596
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		3.472	3.375	2.901
Less	TAX (H)		1.127	0.295	0.292
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		2.345	3.080	2.609
	Earnings/[Loss] Per Share (Rs.)		0.78	1.03	0.87

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.38	0.63	0.52
Net Profit Margin (PBT/Sales)	(%)	0.57	0.69	0.58
Return on Total Assets (PBT/Total Assets}	(%)	2.93	3.02	1.94
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.05
Debt Equity Ratio (Total Liability/Networth)		1.00	0.96	1.78
Current Ratio (Current Asset/Current Liability)		23.76	16.69	8.04

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U15311OR1997PTC004925
Name of the company	KUNJ ROLLER FLOUR MILLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	CUTTACK ROAD BHUBANESWAR Orissa INDIA 751006
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10101429
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	Axis Bank Limited, Satya Nagar, Bhubaneswar – 751006, Orissa, India Email : manoj.samal@axisbank.com
Nature of instrument creating charge	Sanction Letter Demand Promissory Note Foreign Currency Loan Agreement for Conversion
Date of instrument Creating the charge	08.02.2010
Amount secured by the charge	Rs.113.600 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - As per sanction letter Terms of Repayment - As per sanction letter Margin - As per sanction letter Extent and Operation of the charge - As per sanction letter
Short particulars of the property or asset(s) charged (including complete address and location of the property)	As per sanction letter
Date of instrument modifying the charge	06.02.2010
Particulars of the present modification	By this modification the revised limits are [Rs.in millions] EXISISTING MODIFIED Cash Credit 40.000 20.500 Foreign Currency Loan Nil 19.500 Short Term Loan 20.000 20.000 Term Loan 13.600 13.600 Term Loan-II 40.000 40.000

FIXED ASSETS :

§ Land

§ Plant and Machinery

§ Truck and Mini Truck

§ Laboratory Equipment

§ Vehicles

§ Fax Machines

§ Building

§ Furniture and Fixtures

§ Computer

§ Office Equipments

§ Electrical Installations

§ Motor Car

§ Motor Cycle

§ Air Conditioner

§ Tractor

§ Weighing Machine

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.51.35
UK Pound	1	Rs.80.97
Euro	1	Rs.69.25

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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		34

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.