MIRA INFORM REPORT

Report Date :

21.11.2011

IDENTIFICATION DETAILS

Name :	MAA MANGLA FLOUR MILLS PRIVATE LIMITED
Registered Office :	N2/ 106, IRC Village, Nayapalli, Bhubaneswar, Khurda – 751015, Orissa
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.12.1996
Com. Reg. No.:	15-004725
Capital Investment / Paid-up Capital :	Rs.9.576 Millions
CIN No.: [Company Identification No.]	U15311OR1996PTC004725
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of food materials.
No. of Employees :	Not Available

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 380000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well 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 :	N2/ 106, IRC Village, Nayapalli, Bhubaneswar, Khurda – 751015, Orissa, India
Tel. No.:	91-674-2552323/6524554/6524553
Fax No.:	91-674-2490413
E-Mail :	maa_mangla@maamangla.com
Website :	www.maamangla.co.in
Factory :	Radhacharanpur, PO – Jania, District – Khurda, Bhubaneshwar, Orissa, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Mahesh Kumar Agarwal

Designation :

Managing Director

Address :

N – 2/106, IRC Village, Nayapalli, Bhubaneswar, Khurda – 751015, Orissa, India

Date of Birth/Age :

17.01.1957

Date of Appointment :

20.12.1996

DIN No.:

01899696

Other Directorship :

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
U15311OR1996PTC004725	Maa Mangla Flour Mills Private Limited	Managing director	20/12/1996	20/12/1996	-	Active	NO
U15319OR2002PTC006862	Rukmani Foods Private Limited	Managing director	15/07/2002	15/07/2002	-	Active	NO
U45201OR2008PTC010376	Aryan Hotels Private Limited	Managing director	14/10/2008	14/10/2008	-	Active	NO

Name :

Mr. Dinesh Kumar Agarwal

Designation :

Director

Address :

N – 2/106, IRC Village, Nayapalli, Bhubaneswar, Khurda – 751015, Orissa, India

Date of Birth/Age :

25.07.1961

Date of Appointment :

20.12.1996

DIN No.:

01899702

Other Directorship :

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
U15311OR1996PTC004725	Maa Mangla Flour Mills Private Limited	Director	20/12/1996	20/12/1996	-	Active	NO
U15319OR2002PTC006862	Rukmani Foods Private Limited	Director	15/07/2002	15/07/2002	-	Active	NO
U23109OR2005PTC007976	Shree Laxmi Coke Private Limited	Director	31/01/2005	31/01/2005	30/03/2011	Active	NO
U27102OR2005PTC008111	Mahavinayak Industries Private Limited	Director	13/04/2005	13/04/2005	-	Active	NO
U55101OR2008PTC010375	Aryan Resort Private Limited	Director	14/10/2008	14/10/2008	7/01/2010	Active	NO
U45201OR2006PTC008982	Ganapati Engineers Private Limited	Director	27/01/2010	27/01/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mahesh Kumar Agarwal	94010
Dinesh Kumar Agarwal	90070
Manju Agarwal	246250

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing of food materials.
Products :	· Atta · Suji · Maida · Bran · Ready – to – eat · Soyachunks · Moong Dal · Bir Dal

PRODUCTION STATUS AS ON 31.03..2011

Particulars	Unit	Actual Production
Finished Goods	Qtl.	181953.92

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, Jatni Branch, Jatni – 752050, Orissa, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan from Bank (Secured by mortgage of land and Building and plant and machinery and other fixed assets)	0.000	5.387
Cash Credit Loan from Bank (Secured by way of hypothecation of inventories, receivables and other current assets both present and future)	39.621	47.590
Vehicle loan from Banks (Secured by hypothecation of vehicle)	0.673	0.600
Total	40.294	53.577

Banking Relations :	--
Auditors :
Name :	P. A. and Associates Chartered Accountants
Address :	20, Govind Vihar, Bamikhal, Bhubaneswar – 751010, Orissa, India
PAN.:	AAFFP2414G

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
957590	Equity Shares	Rs.10/- each	Rs.9.576 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		9.576	9.576	9.576
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		85.669	78.367	69.496
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		95.245	87.943	79.072
LOAN FUNDS
1] Secured Loans		40.294	53.577	33.341
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		40.294	53.577	33.341
DEFERRED TAX LIABILITIES		5.604	5.234	4.665
TOTAL		141.143	146.754	117.078
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		56.487	49.254	44.480
Capital work-in-progress		1.668	6.602	6.602
INVESTMENT		0.509	0.509	0.511
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	49.839	52.520	43.894
	Sundry Debtors	20.680	16.707	17.265
	Cash & Bank Balances	2.559	2.311	2.729
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.373	24.628	7.835
Total Current Assets		86.451	96.166	71.723
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.770	1.751	2.710
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	2.202	4.026	3.528
Total Current Liabilities		3.972	5.777	6.238
Net Current Assets		82.479	90.389	65.485
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		141.143	146.754	117.078

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	12.812	16.173	14.365
Less/ Add	DEPRECIATION/ AMORTISATION	2.903	2.654	2.524
	PROFIT BEFORE TAX	9.909	13.519	11.841
Less	TAX	2.607	4.649	4.225
	PROFIT AFTER TAX	7.302	8.870	7.616
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	62.366	53.496	45.880
	BALANCE CARRIED TO THE B/S	69.669	62.366	53.496
	Earnings Per Share (Rs.)	7.63	9.26	7.95

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	6.93	9.29	10.18
Return on Investment (ROI) (PBT/Networth)		0.10	0.15	0.15
Debt Equity Ratio (Total Liability/Networth)		0.46	0.67	0.50
Current Ratio (Current Asset/Current Liability)		21.76	16.65	11.50

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U15311OR1996PTC004725
Name of the company	MAA MANGLA FLOUR MILLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	N2/ 106, IRC Village, Nayapalli, Bhubaneswar, Khurda – 751015, Orissa, India Email Id : maa_mangla@maamangla.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Punjab National Bank, Jatni Branch, Jatni – 752050, Orissa, India Email Id : bo2210@pnb.co.in
Nature of instrument creating charge	1-Letter of Hypothecation
Date of instrument Creating the charge	11.07.2011
Amount secured by the charge	Rs.0.470 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12% Terms of repayment 24 Monthly installment of Rs.0.022 Million Margin 25% Extent and operation of the charge First and exclusive charge over the vehicle by Hypothecation (Bolero sle 7str 2 WD BS III) of the company by the bank to the tune of Rs.0.470 Millions Others Nil
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of vehicle (Bolero sle 7str 2 WD BS III.)

CONTINGENT LIABILITIES NOT PROVIDED FOR 31.03.2011

Sales Tax Demand – Rs.4.385 Millions

Entry Tax Demand – Rs.1.138 Millions

Electricity Charges – Rs.0.907 Million

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Furniture and Fixtures

· Vehicle

WEBSITE DETAILS

ABOUT US

The Company registered under the Company Act, 1956 on 20th December of 1996. After successfully running of the plant from inception and performing well, another division was set up for manufacturing of Ready-to- Eat Energy food products in the year 2001. The Company has got sufficient space inside the campus and the plant is surrounded by natural greenery garden and well maintained. The company has obtained ISO 9001:2000, a Certificate for its Quality Management System.

THE DIRECTORS

Mahesh Kumar Agarwal, Managing Director

Dinesh Kumar Agarwal, Director

The main business of Directors is Molasses trading and transport operation. They purchase molasses from different sugar factories in Andhra Pradesh, Maharashtra, Orissa, Uttar Pradesh and Bihar and supply to different Ferro chrome plant, Ferro alloys plant, Gudakhu factories, Cattle Feed plant in side as well as outside of the state. They own fleet of vehicles for transportation of it. They had set up a Flour mill in the year 1996. After running the plant satisfactory, further they had intended to expand as well as diversify their business activities for manufacturing of Ready-to-Eat foods. Before setting up this the directors had contacted to World Food Programme, Govt. and Non-Govt. Organisations and also got the assurance from them to buy their product. And arranged to setup the plant inside their flour mill campus.

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.69.26

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	6
--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		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.