MIRA INFORM REPORT

Report Date :

19.10.2011

IDENTIFICATION DETAILS

Name :	MRIDUL MANURE MILLS PRIVATE LIMITED
Registered Office :	Ajmer Road, Lambia, Bhilwara- 311001, Rajasthan
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.07.1984
Com. Reg. No.:	17-003064
Capital Investment / Paid-up Capital :	Rs. 2.080 Millions
CIN No.: [Company Identification No.]	U15141RJ1984PTC003064
TAN No.: [Tax Deduction & Collection Account No.]	JDHM04060A
PAN No.: [Permanent Account No.]	AAACM9591M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Bone Products and other Agricultural Manures of Animal Origin.

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
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Maximum Credit Limit :	USD 55000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. 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 :	Ajmer Road, Lambia, Bhilwara- 311001, Rajasthan, India
Tel. No.:	91-124-4034076/ 4034070
Fax No.:	91-124-4378441
E-Mail :	mmmplbhl@yahoo.co.in pramodgoel@mridulmanure.co.in nareshca93@yahoo.com
Website :	http://www.mridulmanure.co.in
Head Office :	98, Hope Appartments, Sector-15, Part- 2, Gurgaon- 122001, Haryana, India
Tel. No.:	91-124- 4034070/ 2308916
Fax No.:	91-124-2301752

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Rajesh Goyal
Designation :	Director
Address :	1-B-29, C.S, Azad Nagar, Bhilwara, Rajasthan- 311001, India
Date of Birth/Age :	01.12.1960
Date of Appointment :	24.07.1984
DIN No.:	00550211
Name :	Mr. Pramod Kumar Goel
Designation :	Director
Address :	1-B-26, C.S, Azad Nagar, Bhilwara, Rajasthan- 311001, India
Date of Birth/Age :	10.09.1955
Date of Appointment :	24.07.1984
DIN No.:	00562105

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	U15141RJ1984PTC003064	Mridul Manure Mills Private Limited	Director	24-07-84	24-07-84	Active	NO
2	U67120RJ1996PTC011870	P.V. Organic Manure Private Limited	Director	10-04-96	10-04-96	Active	NO
3	U15144UP1990PTC011617	K K Organics Private Limited	Managing director	03-08-96	03-08-96	Active	NO

Name :	Mrs. Vibha Goel
Designation :	Director
Address :	1-B-27, C.S, Azad Nagar, Bhilwara, Rajasthan- 311001, India
Date of Birth/Age :	25.08.1958
Date of Appointment :	24.07.1984
DIN No.:	01312489

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	U15141RJ1984PTC003064	Mridul Manure Mills Private Limited	Director	24-07-84	24-07-84	Active	NO
2	U67120RJ1996PTC011870	P.V. Organic Manure Private Limited	Director	10-04-96	10-04-96	Active	NO
3	U15144UP1990PTC011617	K K Organics Private Limited	Director	23-08-96	23-08-96	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Vibha Goel	27000
Pramod Kumar Goel	24000
Rajesh Goel	12000
Mridul Goel	100000
K.S. Goel	8000
Premwati Goel	4000
S.K. Goel	8000
Ritika Goel	25000
Total	208000

AS ON 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Bone Products and other Agricultural Manures of Animal Origin.
Products :	· Crushed Bone · Bone Powder · Bone Grist

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Actual Production
Organic Manure – Crushed Bone	MT	1469.00
Organic Manure – Sinews Meal	MT	206.90
Organic Manure – Bone Grist	MT	154.00
Organic Manure – Horn and Hooves Meal	MT	213.30
Organic Manure – Bone Powder	MT	327.60
Organic Manure – Readymade Garments	MT	115.80

GENERAL INFORMATION

Bankers :

· Bank of India- 83-84, Pech Area, Nagori Garden, Bhilwara- 311001, Rajasthan, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Working Capital Loan from Bank of India, Bhilwara	0.000	15.279
Total	0.000	15.279

Notes:

1. Working capital limits from Bank of India, Bhilwara Branch are secured against hypothecation of Raw Materials Finished Goods, Goods in process and charge on book debts.

2. The Working Capital Limits from Bank of India, Bhilwara are also secured by way of first charges on the company's Fixed Assets at Factory auambia, which include Land, Building and Plant and Machinery

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors and their Relatives and Friends	30.520	25.455
From Corporate	1.126	1.136
Other Deposit (for goods etc.)	0.000	0.208
Total	31.646	26.799

Banking Relations :
Auditors :
Name :	Naresh Maheshwari and Company Chartered Accountants
Address :	1^st Floor, Shiv Krippa Tower, Pur Road, Bhilwara, Rajasthan-311001, India

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
208000	Equity Shares	Rs.10/- each	Rs. 2.080 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		2.080	2.080	2.080
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11.769	10.624	9.229
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.849	12.704	11.309
LOAN FUNDS
1] Secured Loans		0.000	15.279	6.126
2] Unsecured Loans		31.646	26.799	20.213
TOTAL BORROWING		31.646	42.078	26.339
DEFERRED TAX LIABILITIES		0.405	0.473	0.539
TOTAL		45.900	55.255	38.187
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.868	2.819	2.866
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.350	0.350	0.350
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.873	31.160	23.703
	Sundry Debtors	9.332	12.149	10.187
	Cash & Bank Balances	0.475	0.651	0.236
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.442	13.333	5.850
Total Current Assets		58.122	57.293	39.976
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.987	4.607	4.504
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.453	0.600	0.501
Total Current Liabilities		15.440	5.207	5.005
Net Current Assets		42.682	52.086	34.971
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		45.900	55.255	38.187

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Production Value	84.865	113.635	70.249
		Other Income	0.500	0.935	0.552
		TOTAL (A)	85.365	114.570	70.801
Less	EXPENSES
		Material Consumed	60.815	92.056	60.638
		Manufacturing Expenses	1.799	2.232	1.596
		Payment and Provision for Employees	3.897	4.728	3.801
		Administrative Expenses	1.222	1.352	1.268
		Selling Expenses	11.293	17.011	7.033
		Increase / Decrease in Finished Stock	4.120	(6.265)	(6.112)
		TOTAL (B)	83.146	111.114	68.224
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.219	3.456	2.577
Less	FINANCIAL EXPENSES (D)		0.258	1.122	0.628
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.961	2.334	1.949
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.430	0.405	0.393
	PROFIT BEFORE TAX (E-F) (G)		1.531	1.929	1.556
Less	TAX (H)		0.453	0.600	0.536
	PROFIT AFTER TAX (G-H) (I)		1.078	1.329	1.020
	PROVISION FOR DEFERRED TAX ASSETS		0.067	0.067	0.080
	NET PROFIT AFTER DEFERRED TAX LAIBILITY		1.145	1.396	1.100
	BALANCE CARRIED TO THE B/S		1.145	1.396	1.100
	Earnings Per Share (Rs.)		5.18	6.39	4.90

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.26	1.16	1.44
Net Profit Margin (PBT/Sales)	(%)	1.80	1.70	2.21
Return on Total Assets (PBT/Total Assets}	(%)	2.51	3.21	3.63
Return on Investment (ROI) (PBT/Networth)		0.11	0.15	0.14
Debt Equity Ratio (Total Liability/Networth)		3.43	3.76	2.82
Current Ratio (Current Asset/Current Liability)		3.76	11.00	7.99

LOCAL AGENCY FURTHER INFORMATION

OPERATING RESULTS:

During the year production of the Company was 2486.6 tons as against 7002 tons for the previous year and the turnover achieved of Rs. 84.865 Millions as compared to previous year to Rs. 113.635 Millions. During the current year the own production is lower due to closure of the factory by the order of SDM Banera w.e.f. 25-06-2009 and the matter is sub judice. However the company alternatively taken production on job and catering demand by trading activities.

The Company has achieved Net Profit after Tax of Rs.1.145 Millions as compared to last year of Rs. 1.396 Millions.

FORM 8

Corporate identity number of the company	U15141RJ1984PTC003064
Name of the company	MRIDUL MANURE MILLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Ajmer Road, Lambia, Bhilwara, Rajasthan- 311001, India
This form is for	Modification of charge
Type of charge	Hypothecation Equitable mortgage or mortgage of property by depositing the title deeds.
Particular of charge holder	Bank of India- 83-84, Pech Area, Nagori Garden, Bhilwara- 311001, Rajasthan, India
Amount secured by the charge	Rs. 6.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest shall be 12.25% p.a. plus appropriate interest tax. Margin – 20% Repayable on Demand.
Description of the property charged indicating whether it is a charged on	· Immovable Properties · Plant and Machinery · Stock in Trade · Book Debts
Short particulars of the property charged (Including location of the property)	First charge by way of hypothecation of all stock of raw material, stock in process, semi finished goods, stock in transit, packing material, all present and future book debts, outstanding monies, receivables, claims, bills and other instruments lodged with Bank for collection , all present and future movable plant, machinery and all other current assets of the company. Equitable mortgage extended on factory land and building of company situated at Khasara No.1408, Village Lambiya, Bhilwara.
Charge identification number of the charge to be modified	90072924
Brief description of the instrument modifying the charge under section 135	1. Supplemental to the Agreement of Hypothecation 2. Memorandum of Entry of Extension of Equitable Mortgage.
Date of instrument modifying the charge	28.08.2006
Particulars of the present modification	Existing limits have been enhanced from Rs. 13.500 Millions to Rs. 18.000 Millions. Interest on CC limit 10.25% p.a., Interest on EPC and FBN/ FBP 7.75% p.a. with monthly rests, subject to charge from time to time.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Vehicles

WEB SITE DETAILS

PROFILE

Established in 1984 as the leading manufacture and exporter of bone products and other agricultural manures of animal origin. Subject has come a long way . They use healthy animal bones to produce high quality products that are famous worldwide for its remarkable results. They are reputed in the international market as one of the very few manufactures of premium quality degreased crushed bones, bone grist and bone meal etc. Their bone powder Sinews meal, Horn and Hoof meal is being widely used as organic manure in India. Their Steam sterlised sinews meal / 45% MBM (Meat and Bone Meal) is being widely used as poultry feed / Chicken Feed ingredient in India which is very useful for fast growth of Broilers.

Their production unit is registered with CAPEXIL for exporting SRM free Crushed bone to Global Market for production of edible and pharmacieutical gelatin.

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] 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. 49.13
UK Pound	1	Rs. 77.58
Euro	1	Rs. 67.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	4
--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	-

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.