MIRA INFORM REPORT

Report Date :

25.10.2011

IDENTIFICATION DETAILS

Name :	AMRIT REFINED PRIVATE LIMITED
Registered Office :	Dhanmandi, Mandsaur-458002, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.12.2007
Com. Reg. No.:	10-020102
Capital Investment / Paid-up Capital :	Rs.2.670 Millions
CIN No.: [Company Identification No.]	U15143MP2007PTC020102
TAN No.: [Tax Deduction & Collection Account No.]	BPLA04380F
PAN No.: [Permanent Account No.]	AASCA7983F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Importer, Processor, Refined Explorer of all the kinds of Edible Oils, Including but not limited to Groundnut Oil, Soyabean Oil, Vanaspati Oil, Pamolin Oil and Otherwise to Deal in all kinds of Edible Oil Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 75000
Status :	Moderate
Payment Behaviour :	Slow
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. The company can be considered for business dealings with some caution.

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 :	Dhanmandi, Mandsaur-458002, Madhya Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	akmcafiling@gmail.com
Factory:	Delhi-Bombay, By-Pass Road, Mandsaur-458001, Madhya Pradesh, India
Tel No.:	91-7422-284036

DIRECTORS

As on 30.09.2010

Name :

Mrs. Seema Yogesh Garg

Designation :

Managing Director

Address :

Ram Mohalla, Dhanmadi, Madhya Pradesh, India

Date of Birth/Age :

25.10.1975

Date of Appointment :

13.12.2007

Din No.:

01833439

Name :

Mr. Prahalad Garg

Designation :

Director

Address :

Dhanmandi, Mandsaur-458002, Madhya Pradesh, India

Date of Birth/Age :

05.09.1969

Date of Appointment :

13.12.2007

Din No.:

01763338

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	U15143MP2007PTC020102	AMRIT REFINED PRIVATE LIMITED	Director	07-01-08	13-12-07	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Seema Garg	78300
Prahlad Garg	25000
Abhay Kumar Ajmera	1780
Manohar Garg	13570
Madhubala	100
Minakshi	10700
Preeti Prahlad Garg	11580
Direndra Soni	1500
Punit Gupta	1500
Jitensra Sharma	2000
Dilip Jayswl	1500
Suresh Jawad	1500
Nawsad Multani	1000
Vijay Paliwal	1000
Jayant Securities and Financial Limited, India	53000
K.K. Patel Financial Limited, India	41000
Trimurti Financial Limited, India	22000
Total	267030

As on 16.10.2010

List of Allottee	No. of Shares
Purvi Finvest Limited, India	55000
Trimurti Financial Private Limited, India	15000
East West Finvest India Limited, India	30000
Total	100000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	43.44
Directors or relatives of directors	52.81
Other top fifty shareholders (other than listed above)	3.75
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter, Importer, Processor, Refined Explorer of all the kinds of Edible Oils, Including but not limited to Groundnut Oil, Soyabean Oil, Vanaspati Oil, Pamolin Oil and Otherwise to Deal in all kinds of Edible Oil Products.

GENERAL INFORMATION

Bankers :

Axis Bank Limited, Greater Kailash, Civil Hospital Road, Mandsaur-458001, Madhya Pradesh, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Rupee Loan
From Bank	11.936	0.354
Total	11.936	0.354
Unsecured Loan
Rupee Loan
From Others	0.000	5.225
Total	0.000	5.225

Banking Relations :	--
Auditors :
Name :	Vinay Babulal Agarwal and Company Chartered Accountants
Address :	4/7, Gautam Nagar, Opposite Swadhyay Bhawan, Maudsaur-458002, Madhya Pradesh, India
Tel. No.:	91-7422-243257/408882
E-Mail :	vinay_ag@hotmail.com
Pan No.:	ACSPA2965Q

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
267030	Equity Shares	Rs.10/- each	Rs.2.670 Millions

As on 30.09.2010

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
367030	Equity Shares	Rs.10/- each	Rs.3.670 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		2.670	2.080	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		16.126	10.285	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.796	12.365	0.500
LOAN FUNDS
1] Secured Loans		11.936	0.354	0.000
2] Unsecured Loans		0.000	5.225	0.000
TOTAL BORROWING		11.936	5.579	0.000
DEFERRED TAX LIABILITIES		0.243	0.180	0.000
TOTAL		30.975	18.124	0.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.636	20.936	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.791	5.848	0.000
	Sundry Debtors	17.213	9.148	0.000
	Cash & Bank Balances	1.067	1.583	0.009
	Other Current Assets	6.862	2.892	0.462
	Loans & Advances	0.076	0.000	0.000
Total Current Assets		42.009	19.471	0.471
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.685	21.683	0.000
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.033	0.664	0.000
Total Current Liabilities		30.718	22.347	0.000
Net Current Assets		11.291	(2.876)	0.471
MISCELLANEOUS EXPENSES		0.048	0.064	0.029
TOTAL		30.975	18.124	0.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	341.336	356.510	0.000
		Other Income	0.112	0.437	0.000
		TOTAL (A)	341.448	356.947	0.000
Less	EXPENSES
		Cost of Goods Sold	317.149	334.602	0.000
		Preliminary Expenses Written Off	0.016	0.016	0.000
		Salaries Wages and Other Employ Benefit	1.157	0.692	0.000
		Remuneration to Director	0.240	0.240	0.000
		Auditors Remuneration	0.020	0.020	0.001
		Direct Expenses	16.623	15.392	0.000
		Operating and Other Expenses	2.524	2.305	0.004
		TOTAL (B)	337.729	353.267	0.005
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.719	3.680	(0.005)
Less	FINANCIAL EXPENSES (D)		0.079	0.430	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.640	3.250	(0.005)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.938	2.320	0.000
	PROFIT BEFORE TAX (E-F) (G)		0.702	0.930	(0.005)
Less	TAX (H)		0.175	0.180	0.000
	PROFIT AFTER TAX (G-H) (I)		0.527	0.750	(0.005)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.745	(0.005)	0.000
	BALANCE CARRIED TO THE B/S		1.272	0.745	(0.005)
	Earnings Per Share (Rs.)		1.82	3.61	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.15	0.21	0.00
Net Profit Margin (PBT/Sales)	(%)	0.21	0.26	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.14	2.30	(1.06)
Return on Investment (ROI) (PBT/Networth)		0.04	0.07	0.01
Debt Equity Ratio (Total Liability/Networth)		2.27	2.25	0.00
Current Ratio (Current Asset/Current Liability)		1.37	0.87	0.00

LOCAL AGENCY FURTHER INFORMATION

BUSINESS REVIEW:

During the period, the company was able to earn total income of Rs.341.448 millions and a net profit after tax was Rs.0.527 million.

The company reported impressive performance during the year and admits a challenging economic and industrial environment.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U15143MP2007PTC020102
Name of the company	AMRIT REFINED PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Dhanmandi, Mandsaur-458002, Madhya Pradesh, India
Type of charge	Book Debts Movable Property (not being pledge) Immovable Property
Particular of charge holder	Axis Bank Limited, Greater Kailash, Civil Hospital Road, Mandsaur-458001, Madhya Pradesh, India
Email	mandsaur.branchhead@axisbank.com
Nature of description of the instrument creating or modifying the charge	Hypothecation on entire current assets and movable fixed of the company (present & future)
Date of instrument Creating the charge	10.02.2010
Amount secured by the charge	Rs.44.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR Minus 2.25%, IE 12.5% On Rs 19.000 Millions, BPLR Minus 3% i.e. 11.75% On Rs 25.000 Millions. Terms of Repayment Since C.C and OD limit no term loan repayment. Margin 25% on stock, 40% on receivables Extent and Operation of the charge Charges in operational from the date of agreement, i.e. 10-02-2010 and will be in operation till the complete repayment of bank dues.
Short particulars of the property charged	EM over land and building situated at L.S. No. 1218,1219,1220,1221,1209,1210,1226, Patwari Halka No. 7 Village Multanpura, District Mandsaur, admeasuring total area 33500 sq mt and construction on it EM over residential house situated at House No. 1 and 2 (part), Kalali Gali, Kalali Kharanja, Ward No.21, Bhura Mahdev Ward Mandsaur, Madhya Pradesh Admeasuring total area 54.67sq mt.

FIXED ASSETS:

· Furniture and Fixtures

· Motor Cycle

· Building

· Computer

· Plant and Machinery

· Excide Battery

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.49.87
UK Pound	1	Rs.79.73
Euro	1	Rs.69.53

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.