MIRA INFORM REPORT

Report Date :

01.10.2011

IDENTIFICATION DETAILS

Name :	TINNA OILS AND CHEMICALS LIMITED
Registered Office :	Khaitan House, B-1, Defence Colony, New Delhi-110024
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.10.1991
Com. Reg. No.:	55-083071
Capital Investment / Paid-up Capital :	Rs.169.168 Millions
CIN No.: [Company Identification No.]	U15143DL1991PLC083071
TAN No.: [Tax Deduction & Collection Account No.]	DELT05148D
PAN No.: [Permanent Account No.]	AAACT0700F
Legal Form :	A closely held Public Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Edible Oil and Lubricants Petrochemical Products.
No. of Employees :	More than 150 [Approximately]

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 1600000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a joint venture between ADM Interoceanic Limited, Mauritius and Tinna Finex Limited, India. It 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.

INFORMATION PARTED BY

Name :	Mr. Sumit
Designation :	Accounts Manager
Contact No.:	91-124-4937800
Date :	30.09.2011

LOCATIONS

Registered Office :	Khaitan House, B-1, Defence Colony, New Delhi-110024, India
Tel. No.:	91-11-32909193
Fax No.:	Not Available
E-Mail :	s-bhatia@tinnagroup.com
Website :	http://www.tinnagroup.com
Correspondence Office:	Vatika Tower, Sector 49, Gurgaon, Haryana, India
Factory :	G 75-85, MIDC Industrial Area, Latur-413531 Maharashtra, India

DIRECTORS

As on 08.09.2011

Name :

Mr. Klaus Peter Hopp

Designation :

Director

Address :

Langelohstrasse 109, Hamburg 22609, Germany

Date of Birth/Age :

19.06.1964

Date of Appointment :

29.02.2008

Din No.:

01914960

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	U15143DL1991PLC083071	TINNA OILS AND CHEMICALS LIMITED	Director	29-02-08	29-02-08	-	Active	NO
2	U14086DL1993PLC164987	K.N.GURUSWAMY OIL MILLS LIMITED	Director	29-02-08	29-02-08	-	Amalgamated	NO
3	U74999DL2004PLC124262	TINNA AGRO INDUSTRIES LIMITED	Director	29-02-08	29-02-08	-	Active	NO
4	U01403DL2009PTC189874	ADM AGRO INDUSTRIES INDIA PRIVATE LIMITED	Director	03-08-09	03-08-09	01-12-10	Active	NO

Name :

Mr. Martin Kropp

Designation :

Director

Address :

Chemin Des Vignes 30, 1196 Gland, Hamburg 1196, Germany

Date of Birth/Age :

04.04.1965

Date of Appointment :

04.06.2008

Din No.:

02158482

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	U15143DL1991PLC083071	TINNA OILS AND CHEMICALS LIMITED	Director	04-06-08	04-06-08	-	Active	NO
2	U14086DL1993PLC164987	K.N.GURUSWAMY OIL MILLS LIMITED	Director	04-06-08	04-06-08	-	Amalgamated	NO
3	U74999DL2004PLC124262	TINNA AGRO INDUSTRIES LIMITED	Director	04-06-08	04-06-08	-	Active	NO
4	U01403DL2009PTC189874	ADM AGRO INDUSTRIES INDIA PRIVATE LIMITED	Director	03-08-09	03-08-09	06-12-10	Active	NO

Name :

Mr. Prakash Shenoy Talapady

Designation :

Managing Director

Address :

Tinna Oils and Chemicals Limited, G-75-86, MIDC, Industrial Area, Latur-413531, Maharashtra, India

Date of Birth/Age :

25.04.1949

Date of Appointment :

29.04.2009

Din No.:

02470245

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	U74140MH2006PTC163998	ADMISI Commodities Private Limited	Director	21-01-09	21-01-09	25-11-09	Active	NO
2	U74999DL2004PLC124262	TINNA AGRO INDUSTRIES LIMITED	Managing director	29-04-09	29-04-09	-	Active	NO
3	U15143DL1991PLC083071	TINNA OILS AND CHEMICALS LIMITED	Managing director	29-04-09	29-04-09	-	Active	NO
4	U91110MH1971NPL015233	THE SOLVENT EXTRACTORS ASSOCIATION OF INDIA	Director	24-09-10	24-09-10	-	Active	NO

Name :

Mr. Vijay Sekhri

Designation :

Director

Address :

C-295, Defence Colony, New Delhi-110025, India

Date of Birth/Age :

17.01.1962

Date of Appointment :

01.10.1996

Din No.:

00090946

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	U15143DL1991PLC083071	TINNA OILS AND CHEMICALS LIMITED	Director	28-11-08	01-10-96	18-07-11	Active	NO
2	L51909DL1987PLC027186	TINNA OVERSEAS LIMITED	Director	01-01-01	01-01-01	27-03-09	Active	NO
3	U74999DL2004PLC124262	TINNA AGRO INDUSTRIES LIMITED	Director	28-11-08	22-01-04	15-07-11	Active	NO
4	U70101DL1996PTC083100	AGRARIAN LAND DEVELOPERS PRIVATE LIMITED	Director	05-03-04	05-03-04	01-09-10	Active	NO
5	U14086DL1993PLC164987	K.N.GURUSWAMY OIL MILLS LIMITED	Director	14-10-05	14-10-05	-	Amalgamated	NO
6	U45201DL2005PTC143921	ESS AAR INFRATECH PRIVATE LIMITED	Director	21-12-05	21-12-05	01-09-10	Active	NO
7	U01403DL2006PLC155202	TINNA AGRO VENTURES LIMITED	Director	03-11-06	03-11-06	16-05-09	Active	YES
8	U74999DL1992PLC049279	DURAFLEX SERVICES AND CONSTRUCTION TECHNOLOGIES LIMITED	Director	27-03-09	27-03-09	-	Active	NO
9	L65910DL1990PLC041750	TINNA FINEX LIMITED	Director appointed in casual vacancy	27-03-09	27-03-09	-	Active	YES
10	U74899DL1994PLC061472	VEDANT OVERSEAS LIMITED	Director appointed in casual vacancy	27-03-09	27-03-09	01-04-09	Active Bottom of Form

Name :

Mr. Anil Kumar Sekhri

Designation :

Director

Address :

D-5/14, Vasant Vihar, New Delhi-110057, India

Date of Birth/Age :

26.08.1963

Date of Appointment :

29.04.2009

Din No.:

00091055

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	L51909DL1987PLC027186	TINNA OVERSEAS LIMITED	Whole-time director	01-04-08	02-11-87	27-03-09	Active	NO
2	U45201DL2006PTC146408	KAY AAR BUILDWELL PRIVATE LIMITED	Director	16-02-06	16-02-06	-	Active	NO
3	U70109DL2006PTC152203	SANTOSH INFRATECH PRIVATE LIMITED	Director	19-08-06	19-08-06	-	Active	NO
4	U01403DL2006PLC155202	TINNA AGRO VENTURES LIMITED	Director	03-11-06	03-11-06	16-05-09	Active	YES
5	U74999DL1992PLC049279	DURAFLEX SERVICES AND CONSTRUCTION TECHNOLOGIES LIMITED	Director	27-03-09	27-03-09	-	Active	NO
6	L65910DL1990PLC041750	TINNA FINEX LIMITED	Director appointed in casual vacancy	27-03-09	27-03-09	-	Active	YES
7	U74899DL1994PLC061472	VEDANT OVERSEAS LIMITED	Director appointed in casual vacancy	27-03-09	27-03-09	01-04-09	Active	NO
8	U15143DL1991PLC083071	TINNA OILS AND CHEMICALS LIMITED	Director	05-09-09	29-04-09	18-07-11	Active	NO
9	U74999DL2004PLC124262	TINNA AGRO INDUSTRIES LIMITED	Director	05-09-09	29-04-09	15-07-11	Active Bottom of Form

Name :

Mr. Chong Pian Kong

Designation :

Director

Address :

Block No. 303, Shnfu Road, # 11-51, Pin Code-570303, Singapore

Date of Birth/Age :

31.07.1953

Date of Appointment :

11.03.1998

Din No.:

01345169

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	U15143DL1991PLC083071	TINNA OILS AND CHEMICALS LIMITED	Director	11-03-98	11-03-98	Active	NO
2	U74999DL2004PLC124262	TINNA AGRO INDUSTRIES LIMITED	Director	07-10-04	07-10-04	Active	NO
3	U14086DL1993PLC164987	K.N.GURUSWAMY OIL MILLS LIMITED	Director	31-01-06	31-01-06	Amalgamated	NO

Name :

Mr. Gautam Khaitan

Designation :

Director

Address :

N-12, Panchsheel Park, New Delhi-110017, India

Date of Birth/Age :

06.05.1965

Date of Appointment :

29.09.2010

Din No.:

00021117

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	U22110DL1988PTC031416	NIPSHELL BUILDERS PRIVATE LIMITED	Director	14-03-95	14-03-95	-	Active	NO
2	U74899DL1993PTC054731	NETWORK AIR PRIVATE LIMITED	Director	16-12-96	16-12-96	03-09-08	Active	NO
3	U25209DL1996PLC082810	ILPEA PARAMOUNT LIMITED	Director	26-09-00	26-09-00	-	Active	NO
4	L74899DL1968PLC004962	SALORA INTERNATIONAL LIMITED	Director	28-06-01	28-06-01	-	Active	NO
5	U72200DL2001PTC111987	ARCOTECH INFO PRIVATE LIMITED	Director	09-08-01	09-08-01	25-02-09	Active	NO
6	L18101WB1983PLC035976	I C TEXTILES LIMITED	Director	04-09-01	04-09-01	29-10-07	Active	YES
7	U51909WB1996PTC077424	VASUDHA COMMERCIAL PRIVATE LIMITED	Director	13-09-02	13-09-02	-	Active	NO
8	U74899DL1992PLC050805	MEDSAVE HEALTHCARE (TPA) LIMITED	Director	13-01-03	13-01-03	-	Active	NO
9	L25206WB1996PLC079417	JK SUGAR LIMITED	Director	04-09-03	04-09-03	-	Active	NO
10	U51909DL2004PTC123867	PAISLEY DESIGNS AND EXPORT PRIVATE LIMITED	Director	05-01-04	05-01-04	-	Active	NO
11	L67120HR1980PLC039125	ARAVALI SECURITIES AND FINANCE LIMITED	Director	12-08-04	12-08-04	-	Active	NO
12	U74899DL1995PTC071412	LONG VIEW DEVELOPERS PRIVATE LIMITED	Director	30-12-04	30-12-04	-	Active	YES
13	U45201WB1982PTC035094	JEEVAN VIHAR PROPERTIES PVT LTD	Director	10-03-06	10-03-06	-	Active	NO
14	L34300HR1981PLC012151	ARCOTECH LIMITED	Director	04-09-06	22-03-06	-	Active	NO
15	U45201DL2005PTC135692	MUDAJAYA CONSTRUCTION (INDIA) PRIVATE LIMITED	Additional director	28-10-06	28-10-06	16-08-08	Active	NO
16	U51397DL2002PTC115876	ZAMBON INDIA PRIVATE LIMITED	Alternate director	09-11-06	09-11-06	-	Active	NO
17	U45400DL2007PTC161594	INFINITY FURNISHINGS PRIVATE LIMITED	Alternate director	13-10-07	10-04-07	28-08-08	Active	YES
18	L01111DL1993PLC052845	KRBL LIMITED	Director	29-09-08	30-07-07	-	Active	NO
19	U45400DL2007PTC167766	SIGAN PROPERTIES PRIVATE LIMITED	Director	05-09-07	05-09-07	-	Active	NO
20	L27101AP2004PLC043252	FACOR ALLOYS LIMITED	Additional director	27-10-07	27-10-07	-	Active	NO
21	U63013DL2007PTC170851	HORIZON AIR SUPPORT MAINTENANCE (INDIA) PRIVATE LIMITED	Director	28-11-07	28-11-07	11-07-08	Active	NO
22	U67200MH2004PTC144558	HOWDEN INSURANCE BROKERS INDIA PRIVATE LIMITED	Director	30-09-08	14-12-07	-	Active	NO
23	U80904DL2007NPL171985	ARBOR CHARITABLE FOUNDATION	Director	28-12-07	28-12-07	04-10-08	Active	YES
24	U74900DL2008PTC177820	WASSERSTEIN ADVISORS INDIA PRIVATE LIMITED	Director	08-05-08	08-05-08	-	Active	NO
25	L34300DL1986PLC023540	BHARAT SEATS LIMITED	Director	16-07-09	04-06-08	-	Active	NO
26	U72211DL2006PTC153844	TEMPLE RESEARCH PRIVATE LIMITED.	Director	18-06-08	18-06-08	-	Active	NO
27	U65100DL2007PTC169416	ROOT INVEST PRIVATE LIMITED	Director	18-06-08	18-06-08	-	Active	NO
28	U65993DL2008PTC178927	ASAS INVESTMENTS PRIVATE LIMITED	Director	18-06-08	18-06-08	-	Active	NO
29	U74140DL2008PLC179030	MAPLE RESOURCES LIMITED	Director	18-06-08	18-06-08	02-11-10	Active	NO
30	U29119PN2006PTC133905	FASTER HYDRAULICS PRIVATE LIMITED	Alternate director	26-02-10	08-09-08	-	Active	NO
31	U67120DL2008PTC184548	FFF CAPITAL PRIVATE LIMITED	Director	27-10-08	27-10-08	-	Active	NO
32	U31908DL2008PTC185311	ELETTROMECCANICA INDIA PRIVATE LIMITED	Alternate director	26-03-09	27-11-08	-	Active	NO
33	U74999DL2009PTC188604	CLICK CONSULT AND DESIGN INDIA PRIVATE LIMITED	Director	19-03-09	19-03-09	-	Under Process of Striking off	NO
34	U93000DL2009PTC189287	ATARAH HEALTH CENTRE PRIVATE LIMITED	Director	09-04-09	09-04-09	-	Strike off	NO
35	U01403DL2009PTC189874	ADM AGRO INDUSTRIES INDIA PRIVATE LIMITED	Director	30-04-09	30-04-09	06-10-09	Active	NO
36	U72900DL2009PTC191658	AEROMATRIX INFO SOLUTIONS PRIVATE LIMITED	Director	26-06-09	26-06-09	-	Active	NO
37	U70109DL2006PTC151242	MILESTONE LANDBASE ESTATES PRIVATE LIMITED.	Director	15-09-09	12-08-09	-	Active	NO
38	U74999DL2004PLC124262	TINNA AGRO INDUSTRIES LIMITED	Alternate director	18-11-10	12-08-09	08-08-11	Active	NO
39	U15143DL1991PLC083071	TINNA OILS AND CHEMICALS LIMITED	Alternate director	29-09-10	12-08-09	08-08-11	Active	NO
40	U45201DL2005PLC133161	EMAAR MGF LAND LIMITED	Director	25-11-09	03-09-09	-	Active	NO
41	U74140DL2010PTC199962	DOM ADVISORY SERVICES PRIVATE LIMITED	Director	11-03-10	11-03-10	-	Active	NO
42	U74899DL1994PTC061172	BOUTIQUE HOTELS INDIA Private LIMITED	Additional director	31-03-10	31-03-10	04-02-11	Active	NO
43	L35111WB1939PLC009800	TEXMACO LIMITED	Director	25-09-10	25-09-10	-	Active	NO
44	U80903DL2010PLC211847	ARCOTECH UNIEXPAT LIMITED	Director	28-12-10	28-12-10	-	Active	NO
45	U24240DL2011PLC216307	ARCOFEMI HEALTHCARE LIMITED	Director	22-03-11	22-03-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pawan Jaggi
Designation :	Secretary
Address :	254 CA Apartments, Paschim Vihar, New Delhi-110063, India
Date of Birth/Age :	18.06.1975
Date of Appointment :	01.10.2009
Date of Ceasing:	23.03.2010
Pan No.:	ADIPJ0243M
Name :	Mr. Sagar Bhatia
Designation :	Secretary
Address :	Pushpraj Colony, Lane-3A, Satna-485001, Madhya Pradesh, India
Date of Birth/Age :	30.01.1980
Date of Appointment :	01.07.2010
Pan No.:	ALXPB3555D
Name :	Mr. Sumit
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 08.09.2011

Names of Shareholders	No. of Shares
Tinna Finex Limited, India	4228499
Bhupinder Kumar Sekhri	100
Gautam Sikhri	100
Hemant Kumar Sekhri	100
Vijay Kekhri	100
Anil Kumar Sekhri	100
Gaurav Sekhri	100
Kapil Sekhri	100
ADM Interoceanic Limited, Mauritius	12687593
ADM Concerntrated Toco Limited, Mauritius	1
ADM Indonesian Holdings Limited, Mauritius	1
Archer Daniels Midland Singapore Pte Limited, Singapore	1
ADM Cocoa Pte Limited, Singapore	1
Total	16916796

As on 08.09.2011

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]	75.00
Bodies corporate	25.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Edible Oil and Lubricants Petrochemical Products.
Exports :
Products :	Edible Oil and Lubricants
Countries :	Srilanka Japan
Terms :
Selling :	Cash and Credit
Purchasing :	L/C / Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity
Solvent Oil	MT	48000
Animal and Bird Feed	MT	190000
Expeller Oil	MT	30000
Refined Oil	MT	45000
Bio Diesel	MT	6000

Actual Production:

Particular	Actual Production [Qty in MT]
Sunflower Raw Oil	--
Soya DOC	104655
Sunflower DOC	30864
Soya Refined Oil	21741
Sunflower Refined Oil	15645
Cattle Feed Supplement (Fat)	188
Bio Diesel	7
By Products	3417

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

More than 150 [Approximately]

Bankers :

State Bank of India, Gurgaon, Haryana, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Loans and Advances form Banks
Vehicle Loan [Secured by way of hypothecation of vehicle]	0.256	1.794
Total	0.256	1.794
Unsecured Loan
Short Term Loan and Advances
From Banks	149.500	100.000
Other Loans and Advances
From Banks	0.000	6.000
Foreign Currency Loans from Bodies Corporate	249.173	281.244
Interest accrued and due	5.109	4.120
Total	403.782	391.364

Banking Relations :	--
Financial Institution:	Rabo India Finance Private Limited, 1-A Janpath, New Delhi-110001, India
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountant
Address :	Golf View Corporate, Tower B, Sector 42, Sector Road, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
Ultimate Holding Company:	Archer Daniels Midland (ADM) Company, USA
Holding Company:	ADM Interoceanic Limited, Mauritius
Fellow Subsidiary:	Toepfer International Asia Pte Limited Alfred C Toepfer (India) Export (Private) Limited ADM Cocoa Pte Limited, Singapore ADM Cocoa Hull Limited ADM Cocoa B.V., Netherlands Tinna Agro Industries Limited ADM International Sarl-Switzerland ADM Far East Limited, Tokyo, Japan

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
27000000	Equity Shares	Rs.10/- each	Rs.270.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16916796	Equity Shares	Rs.10/- each	Rs.169.168 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		169.168	169.168	169.168
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		252.959	234.250	259.488
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		422.127	403.418	428.656
LOAN FUNDS
1] Secured Loans		0.256	1.794	181.075
2] Unsecured Loans		403.782	391.364	701.229
TOTAL BORROWING		404.038	393.158	882.304
DEFERRED TAX LIABILITIES		0.000	0.000	12.997
TOTAL		826.165	796.576	1323.957
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		252.370	271.841	297.258
Capital work-in-progress		4.093	7.917	5.591
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		29.833	11.055	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	322.707	437.623	739.365
	Sundry Debtors	336.903	290.265	364.868
	Cash & Bank Balances	34.172	33.689	26.329
	Other Current Assets	6.377	31.078	25.540
	Loans & Advances	104.365	39.315	64.674
Total Current Assets		804.524	831.970	1220.776
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	128.173	165.565	124.789
	Other Current Liabilities	27.844	51.417	41.801
	Provisions	108.638	109.225	33.078
Total Current Liabilities		264.655	326.207	199.668
Net Current Assets		539.869	505.763	1021.108
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		826.165	796.576	1323.957

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	4734.078	5025.163	4709.373
		Service and Other Operating Income	106.073	184.496	126.440
		Other Income	87.160	41.368	40.079
		TOTAL (A)	4927.311	5251.027	4875.892
Less	EXPENSES
		Purchase of Goods for Resale	174.780	183.533	85.727
		Raw Material Consumed	3956.904	3943.366	4004.413
		Manufacturing Expenses	279.422	322.003	279.177
		Cargo Handing Expenses	63.462	146.411	105.098
		Personnel Expenses	76.301	75.611	61.011
		Administrative and Other Income	98.189	188.176	57.265
		Selling and Distribution Expenses	122.754	143.116	169.966
		Increase/ Decrease in Inventories	65.671	103.020	(156.112)
		TOTAL (B)	4837.483	5105.236	4606.545
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		89.828	145.791	269.347
Less	FINANCIAL EXPENSES (D)		20.730	50.830	59.939
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		69.098	94.961	209.408
Less/ Add	DEPRECIATION/ AMORTISATION (F)		34.428	45.509	47.674
	PROFIT BEFORE TAX (E-F) (G)		34.670	49.452	161.734
Less	TAX (H)		15.961	74.690	62.408
	PROFIT / LOSS AFTER TAX (G-H) (I)		18.709	(25.238)	99.326
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		32.834	58.072	(41.251)
	ADJUSTMENT OF GRATUITY AS PER TRANSITIONAL PROVISION (NET OF TAX OF RS.0.104 MILLION)		0.000	0.000	0.202
Less	ADJUSTMENT OF LEAVE ENCASHMENT AS PER TRANSITIONAL PROVISION (NET OF TAX OF RS.0.106 MILLIONS)		0.000	0.000	0.205
	BALANCE CARRIED TO THE B/S		51.543	32.834	58.072
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.870	127.322	290.748
		Commission Earnings	1.102	6.687	0.734
		Cargo Handling Charges	0.000	46.070	37.467
	TOTAL EARNINGS		4.972	180.079	328.949
	IMPORTS
		Stores and Spares	0.000	0.710	1.634
		Sunflower Crud Oil	0.000	69.233	0.000
		Cocos Powder	27.665	15.541	7.120
		N. Vitamin-E	8.400	13.682	11.040
		Soy Protein Isolated Profiam	0.000	1.036	0.699
		Fructose	0.000	5.198	2.865
		Lecithin	7.903	4.351	1.716
		Xanthan Gum	9.784	3.158	0.462
		Citric Acid Anthyd Pwd	0.121	0.000	0.006
		Lysine	9.454	15.744	4.543
		Soya Flour	0.000	0.048	0.070
	TOTAL IMPORTS		63.327	128.701	30.155
	Earnings Per Share (Rs.)		1.11	(1.49)	5.87

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.38	(0.48)	2.04
Net Profit Margin (PBT/Sales)	(%)	0.73	0.98	3.43
Return on Total Assets (PBT/Total Assets}	(%)	3.28	4.48	10.65
Return on Investment (ROI) (PBT/Networth)		0.08	0.12	0.38
Debt Equity Ratio (Total Liability/Networth)		1.58	1.78	3.52
Current Ratio (Current Asset/Current Liability)		3.04	2.55	6.11

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
Due to other than micro and small enterprises	128.173	165.565	124.789

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	No
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

NATURE OF OPERATIONS:

Tinna Oils and Chemicals Limited (hereinafter referred to as ‘the company’), a 75:25 joint venture between ADM Interoceanic Limited, Mauritius (Part of Archer Daniels Midland Group, USA) and Tinna Finex Limited, is primarily engaged in the business of manufacturing / extraction / trading / refining / processing and packaging of edible oils, deoiled cake / cattle feed and other agro based products and is also engaged in cargo handling activities.

LITIGATION BETWEEN THE MINORITY AND MAJORITY SHAREHOLDERS:

On August 28, 2009, certain disputes arose between the majority shareholder ADM Interoceanic Limited, Mauritius and the erstwhile minority shareholder Tinna Finex Limited (TFL) whereby Mr. Vijay Sekhri and Anil Sekhri, nominee Directors of TFL together with TFL alleged ADM Interoceanic Limited guilty of oppression against the minority shareholder, mismanagement of the Company, suppression of the Board of Directors of the Company; wrongful removal of Vijay Sekhri as Managing Director of the Company and various other matters. These matters were thereafter taken by the two group of shareholders to various legal forums including Company Law Board, High Court, Supreme Court etc. till recently when in the month of July, 2011 agreements were reached between both the shareholders i.e. ADM Interoceanic Limited and the successors of 25% shares of Tinna Overseas Limited (the erstwhile JV partner), and a Share Sate and Purchase Agreement [SSPA] dated July 15, 2011 was entered into in accordance with which, ADM Agro Industries India Private Limited, another wholly owned subsidiary of AOM Interoceanic Limited, Mauritius purchased the entire 25% shareholding of the minority shareholders in the Company. Pursuant to this SSPA, both the parties have withdrawn legal cases and sults against each other. All the civil and criminal suits have been discharged by the respective forums except for a Special Leave petition [SLP] filed by TOL in the Supreme Court of India for which TOL [represented by Vijay Sekhri] has filed an application for the withdrawal of the SLP. This matter will come up for hearing in August 2011. The Company, based on legal advice obtained It, is confident that the Supreme Court will allow the SLP to be withdrawn, thereby putting an end to all the civil litigation with the erstwhile minority shareholder and that this matter will not have any material impact on these financial statements.

CONTINGENT LIABILITIES:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Differential amount of custom duty in respect of machinery imported under EPCG scheme covered under export obligation	4.146	4.146
Demand raised by Vishakhapatnam Port Trust (VPT) on account of wharfage charges for the minimum guaranteed traffic during the period from 23.02.1996 to 22.02.2001	31.646	31.646
Income tax demand in respect of financial year 2005-06 and 2006-07, company has filed appeal against the said order.	118.178	118.178
Total	153.970	153.970

FIXED ASSETS:

• Leasehold Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• 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 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.48.93
UK Pound	1	Rs.76.52
Euro	1	Rs.66.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--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.