MIRA INFORM REPORT

Report Date :

26.11.2011

IDENTIFICATION DETAILS

Name :	PRANAV AGRO INDUSTRIES LIMITED
Registered Office :	Nav Maharashtra House 42/43, Shaniwar Peth, Pune-411030, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.02.2000
Com. Reg. No.:	25-14444
Capital Investment / Paid-up Capital :	Rs.57.500 Millions
CIN No.: [Company Identification No.]	U15143PN2000PLC014444
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of all Type of Edible Oil and Animal Feed.
No. of Employees :	650 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1200000
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. 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

INFORMATION PARTED BY

Name :	Mr. Soni Minde
Designation :	Director
Contact No.:	91-9372105767

LOCATIONS

Registered/ Corporate Office :

Nav Maharashtra House 42/43, Shaniwar Peth, Pune-411030, Maharashtra, India

Tel. No.:

91-20-24461021/ 22/ 23

Mobile No.:

91-9372105767 (Mr. Soni Minde)

91-9371095803 (Mr. Yogesh Sheth)

Fax No.:

91-20-24493578

E-Mail :

yogesh@pranavgroup.com

yogesh@pranavgroup.org

pune@pranavgroup.org.

soniminde@pranavgroup.org.

Website :

http://www.pranavgroup.com

Area :

450 sq. ft.

Location ;

Owned

Sangali Branch Office/ Factory 1:

E/5, Part, MIDC, Kupwad Block, Sangli – 416436, Maharashtra - India

Tel. No.:

91-233-2644521/22/33

Fax No.:

91-233-2330466

Email:

sangli@pranavgroup.com

Mumbai Branch Office/ Factory 2:

104, Krishna Chambers, 1st Floor, 59, New Marinelines, Churchgate, Mumbai - 400 020, Maharashtra, India

Tel. No.:

91-22-22612748 and 22612750

Fax No.:

91-22-22612902

Email:

mumbai@pranavgroup.com

Delhi Branch Office/ Factory 3:

Khasara No 50/4/7, Pothkalan Road, Pehladpur (Banger), Delhi – 100042, India

Tel. No.:

91-11-27823548/32966725

Fax No.:

91-11-27823548

Email:

shirwal@pranavgroup.com

Hyderabad Branch Office/ Factory 4:

Survey No. 603, Plot No: 5-64/2, Pedda Amderpet (v), Hayatnagar (M), Ranga-Reddy, District Hyderabad – 501505, Andhra Pradesh, India

Tel. No.:

91-40-24201032

Email:

hyderabad@pranavgrpup.com

Bangalore Branch Office/ Factory 5

C/o. Mysore Feed Limited, Nayandahalli, Mysore Road, Bangalore – 560039, Karnataka, India

Tel. No.:

91-80-22860731/32/33

Fax No.:

91-80-22864708

Email:

bangalore@pranavgroup.com

Bangalore Branch Office/ Factory 6:

MIDC, B-12, Chinchol Block, Solapur- 416436, Maharashtra, India

Tel. No.:

91-217-2357231/ 2 / 3

Fax No.:

91-217-2357235

Email:

solapur@pranavgroup.com

DIRECTORS

AS ON 30.09.2008

Name :	Mr. Yogesh Nasrudas Sheth
Designation :	Whole Time Director
Address :	C/32 Viola, 2^nd Floor, S. No. 118, Warje, Pune-411052, Maharashtra, India
Date of Birth/Age :	22.12.1965
Qualification:	B.Com, LLB
Date of Appointment :	06.12.2007
Name :	Ms. Shruti P Lunkad
Designation :	Director
Date of Birth/Age :	25 Years
Qualification:	B.Com, MBA
Name :	Dr. Ved Kumar Valiappan
Designation :	Director
Date of Birth/Age :	55 Years
Qualification:	Dr. in Food Science (PHD)
Name :	Mr. Vinod Ramakrishna Kulkarni
Designation :	Whole Time Director
Address :	M F 4-23, B D A Flats S. No. 7-8, Cambridge Layout Ulsoor, Bangalore-560008, Karnataka, India
Date of Birth/Age :	16.08.1965
Date of Appointment :	01.03.2007
Name :	Mr. Ramesh Shantilal Sobniminde
Designation :	Whole Time Director
Address :	E-6, MIDC, Kupwad Block, Sangli-416436, Maharashtra, India
Date of Birth/Age :	17.02.1957
Date of Appointment :	16.12.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2008

Names of Shareholders	No. of Shares
Lunkad Surajmal Pravin	100
Lunkad Pravin Aruna	2799300
Lunkad Pravin Payal	100
Lunkad Pravin Mrignayana	100
Lunkad Hirala Kamal	100
Lunkad Pravin Shruti	200100
Lunkad Surajmal Hiralal	100
Total	2999900

AS ON 28.03.2009

List of Allottees	No. of Shares Allotted
Aruna Pravin Lunkad	1250100

Equity Share Breakup (Percentage of Total Equity)

AS ON 30.09.2008

Category	Percentage of Holding
Other top fifty (50) shareholders (Other than listed above)	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of all Type of Edible Oil and Animal Feed.
Products :	Speciality Products Mytone Super Plus Liquid mytone Super Plus Powder Toxolivum Oral Liquid toxolivum Forte Powder Cordon Powder Coccidiostat Maduracox (Maduramycin Ammonium 1% Feed Supplement for Poultry) Salinox (Salinomycin Sodium 12% Feed Supplement For Poultry) Nutritional Products Navmix Ab2d3k Navmix Be Navmix Be Ds lysometh Minvit Forte Amvit Es Profact 2000 Amrut Mix For Broilers Amrut Mix For Layers Antibiotic Feed Supplement Zintrin Citracin Rehydration Product Amlyte Powder Toxin Binders Toxorb Liquid Orals Amvit Easee Amvitone Complatone Amcal Clear Orgacids Orgacids
Exports :
Products :	Speciality Products, Nutritional Products, Toxin Binders.
Countries :	· Middle East · Denmark · Malaysia · Indonesia · Thailand
Imports :
Products :	Raw Material
Countries :	· Germany · Malaysia · Belgium · Thailand · Japan · US · Korea
Terms :
Selling :	L/C/ Cash/ Credit (30/ 60/ 90 days)
Purchasing :	L/C/ Cash/ Credit (30/ 60/ 90 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, OEM’s and End Users

No. of Employees :

650 (Approximately)

Bankers :

· Canara Bank,

Industrial Financial Branch, M.G. Road Camp, Pune-411001, Maharashtra, India

· Canara Bank,

Industrial Financial Branch, 1^st Floor, Red Cross Building, M.G. Road, Pune-411001, Maharashtra, India

· UCO Bank,

Nariman Point, Maharashtra, India

· Krishna Vlley Co-operative Bank Limited,

M.D.C Branch, M.I.D.C. Kudwad, sangli, Maharashtra, India

· Ichalkaranji Urban Co-Operative Bank Limited,

MIDC Branch, Kudwad, India

· Sri Warana Sahakari Bank Limited,

Market Yard, Sangli, Maharashtra, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Cash Credit From Bank (Secured by First charge on Goods, other current assets, fixed assets and personal qurantee of directors)	317.000	240.527
Term Loan from Finance Company (Secured by Hypothecation of Vehicles)		3.488
Total	317.000	244.015
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Unsecured Loan (Under subordination agreement with bank)	0.000	100.000
Total	0.000	100.000

Present Sanction status of various credit facilities and proposed credit facilities with

Corporation Bank will be as follows :-

Existing	Fund Based	Non Fund Based
Canara Bank	150.000 Millions	150.000 Millions
Uco Bank	100.000 Millions	100.000 Millions
New from Corporation Bank	150.000 Millions	Nil
Total	400.000 Millions	250.000 Millions

Banking Relations :	--
Auditors :
Name :	Sanjay N Pawar and Associates Chartered Accountants
Address :	Office No. 3, Gire Chambers, 2^nd Floor, 1042, Shukrawar Peth, Hirabaug Chowk, Tilak Road, Pune-411002, Maharashtra, India
Associates/Subsidiaries :	· Krishna Vally Agro (India) Limited Address: Nav Maharashtra House 43, Shaniwar Peth, Pune-411030, Maharashtra, India Activity: Manufacturer of Agricultural Products · Pranav Agro Services Address: Nav Maharashtra House 43, Shaniwar Peth, Pune-411030, Maharashtra, India Activity: Infrastructure Services · Nav Maharashtra Portland Cement Industries Address: Nav Maharashtra House 43, Shaniwar Peth, Pune-411030, Maharashtra, India Activity: Manufacturer of Cement.

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Share	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5750000	Equity Shares	Rs.10/- each	Rs.57.500 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		57.500	42.500	29.999
2] Share Application Money		5.000	12.500	25.001
3] Reserves & Surplus		239.335	123.493	91.234
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		301.835	178.493	146.234
LOAN FUNDS
1] Secured Loans		317.000	244.015	224.064
2] Unsecured Loans		0.000	100.000	90.000
TOTAL BORROWING		317.000	344.015	314.064
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		618.835	522.508	460.298
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		123.550	128.677	134.995
Capital work-in-progress		1.919	1.667	0.912
INVESTMENT		0.130	0.135	0.129
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	422.607	352.105	262.153
	Sundry Debtors	303.300	280.985	230.981
	Cash & Bank Balances	6.614	0.017	12.440
	Other Current Assets	0.447	18.352	0.013
	Loans & Advances	71.473	72.460	69.305
Total Current Assets		804.441	723.919	574.892
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors			0.000
	Other Current Liabilities	311.301	332.039	216.849
	Provisions			33.893
Total Current Liabilities		311.301	332.039	250.742
Net Current Assets		493.140	391.880	324.150
MISCELLANEOUS EXPENSES		0.096	0.149	0.112
TOTAL		618.835	522.508	460.298

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	4805.103	4965.279	4455.571
		Other Income	6.937	3.755	6.708
		TOTAL (A)	4812.040	4969.034	4462.279
Less	EXPENSES
		Cost of material consumed / sold	4572.068	4675.621	4218.157
		Payments to and provision for employees	34.541	33.902	31.955
		Work expenses	101.365	111.201	93.922
		Selling and distribution expenses	38.532	42.574	40.967
		Other expenses	21.084	24.289	18.668
		Variation in stocks	(80.205)	(24.701)	(17.416)
		TOTAL (B)	4687.385	4862.886	4386.253
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		124.655	106.148	76.026
Less	FINANCIAL EXPENSES (D)		75.380	60.506	43.243
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		49.275	45.642	32.783
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.373	8.234	7.421
	PROFIT BEFORE TAX (E-F) (G)		40.902	37.408	25.362
Less	TAX (H)		7.560	5.150	3.500
	PROFIT AFTER TAX (G-H) (I)		33.342	32.258	21.862
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	1.000	NA
	BALANCE CARRIED TO THE B/S		32.342	31.258	NA
	IMPORTS
		Value of Imports on CIF Basis	NA	NA	223.627
		Traveling and Training Expenses	NA	NA	1.194
	TOTAL IMPORTS		NA	NA	224.821
	Earnings Per Share (Rs.)		0.58	7.59	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.69	0.65	0.49
Net Profit Margin (PBT/Sales)	(%)	0.85	0.75	0.57
Return on Total Assets (PBT/Total Assets}	(%)	4.41	4.39	2.51
Return on Investment (ROI) (PBT/Networth)		0.14	0.21	0.17
Debt Equity Ratio (Total Liability/Networth)		2.08	3.79	3.86
Current Ratio (Current Asset/Current Liability)		2.58	2.18	2.29

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS

Ø Freehold Land

Ø Leasehold Land

Ø Building

Ø Plant and Machinery

Ø Furniture and Fixtures

Ø Vehicles

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.52.16
UK Pound	1	Rs.80.64
Euro	1	Rs.69.42

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.