MIRA INFORM REPORT

Report Date :

25.10.2011

IDENTIFICATION DETAILS

Name :	NIKHIL REFINERIES PRIVATE LIMITED [w.e.f. 06.08.2004] GOOD HEALTH AGRO (UNIT OF NIKHIL REFINERIES PRIVATE LIMITED)
Formerly Known As :	NIKHIL REFINERIES LIMITED
Registered Office :	1-8-663 Azamabad Industrial Area, Azamabad, Hyderabad-500020, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.12.2001
Com. Reg. No.:	01-38197
Capital Investment / Paid-up Capital :	Rs.45.000 Millions
CIN No.: [Company Identification No.]	U15142AP2001PTC038197
TAN No.: [Tax Deduction & Collection Account No.]	HYDN 00811G
PAN No.: [Permanent Account No.]	AABCN5930G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Vegetable Oils.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 470000
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:	1-8-663 Azamabad Industrial Area, Azamabad, Hyderabad-500020, Andhra Pradesh, India
Tel. No.:	91-40-27663397 / 27663364 /39168888
Fax No.:	91-40-27633068 / 27668721 / 39168888
E-Mail :	info@goodhealthgroup.com i.d.reddy@gmail.com
Factory:	268/20, Vakalpudi Light House, Suryaraopet Village, Vakalapudi, Kakinada – 05, Andhra Pradesh, India

DIRECTORS

As on 21.08.2010

Name :

Mr. Amit Kumar Agarwal

Designation :

Director

Address :

Plot No. 266A/B, Mlacly Road No. 12, Banjara Hills, Hyderabad-500029, Andhra Pradesh, India

Date of Birth/Age :

15.06.1979

Date of Appointment :

12.12.2001

Din No.:

02339057

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	U15142AP2001PTC038197	NIKHIL REFINERIES PRIVATE LIMITED	Director	12-12-01	12-12-01	28-03-11	Active	NO
2	U17121AP2006PTC051660	JAGADAMBHA COTTON INDUSTRIES PRIVATE LIMITED	Director	07-08-08	07-08-08	-	Active	NO
3	U01711AP1996PTC024091	AMIT COTTONS PRIVATE LIMITED	Director	20-02-09	20-02-09	-	Active	NO
4	U17110MH2002PTC136843	MAHESH COTTON PRESSING PRIVATE LIMITED	Director	01-10-09	01-10-09	-	Active	NO
5	U01405MH2001PTC134006	MAHESH AGRO PROCESSING (INDIA ) PRIVATE LIMITED	Director	01-10-09	01-10-09	-	Active	NO
6	U17200AP2011PTC075105	HPA COTTONS AND YARNS PRIVATE LIMITED	Director	21-06-11	21-06-11	-	Active	NO
7	U17200AP2011PTC075172	VAS FLORA COTTONS AND YARNS PRIVATE LIMITED	Director	24-06-11	24-06-11	-	Active	NO

Name :

Mr. Akash Kumar Agarwal

Designation :

Director

Address :

1-2-412/12 Gaganmahal Colony, Hyderabad – 500029, Andhra Pradesh, India

Date of Birth/Age :

02.12.1982

Date of Appointment :

12.12.2001

Din No.:

03066930

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	U15142AP2001PTC038197	NIKHIL REFINERIES PRIVATE LIMITED	Director	12-12-01	12-12-01	Active	NO
2	U51109WB2008PTC122487	RAMNIK COMMODITIES PRIVATE LIMITED	Director	18-05-10	18-05-10	Active	NO

Name :

Mr. Sandeep Kumar Agarwal

Designation :

Director

Address :

Plot No. 266A/B, Mlacly Road No. 12, Banjara Hills, Hyderabad-500029, Andhra Pradesh, India

Date of Birth/Age :

30.10.1980

Date of Appointment :

12.12.2001

Din No.:

01625564

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	U15142AP2001PTC038197	NIKHIL REFINERIES PRIVATE LIMITED	Director	12-12-01	12-12-01	28-03-11	Active	NO
2	U17121AP2006PTC051660	JAGADAMBHA COTTON INDUSTRIES PRIVATE LIMITED	Director	07-08-08	07-08-08	-	Active	NO
3	U17110MH2002PTC136843	MAHESH COTTON PRESSING PRIVATE LIMITED	Director	01-10-09	01-10-09	-	Active	NO
4	U01405MH2001PTC134006	MAHESH AGRO PROCESSING (INDIA ) PRIVATE LIMITED	Director	01-10-09	01-10-09	-	Active	NO
5	U01711AP1996PTC024091	AMIT COTTONS PRIVATE LIMITED	Director	27-02-10	27-02-10	-	Active	NO
6	U17200AP2011PTC075105	HPA COTTONS AND YARNS PRIVATE LIMITED	Director	21-06-11	21-06-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.08.2010

Names of Shareholders	No. of Shares
Banwarilal Agarwal	331400
Vinod Kumar Agarwal	250000
Subhash Chandra Agarwal	404100
Kailash Chandra Agarwal	4100
Amit Kumar Agarwal	410100
Sandeep Kumar Agarwal	410000
Akash Kumar Agarwal	402800
Bhanwaribai Agarwal	302500
Kusum Devi Agarwal	351700
Lata Devi Agarwal	353300
Kornal Devi Agarwal	353300
Nikhil Agarwal	350000
Megha Agarwal	250000
Akshay Kumay Agarwal	150000
Sagar Agarwal	200700
Banwarilal Agarwal HUF	4500
Subhash Chandra Agarwal HUF	4900
Kailash Chandra Agarwal HUF	5300
Manuja Agarwal	5300
Greenline Vyapaar Private Limited, India	8000
Tirumala Dealers Private Limited, India	16000
Giri Financial Services Private Limited, India	14000
Prabhudhan Finance Private Limited, India	10000
Blackberry Distributors Private Limited, India	18000
Energy Tradecomm Private Limited, India	6000
Badrinath Dealcomm Private Limited, India	8000
Total	4624000

As on 21.08.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	2.00
Directors or relatives of directors	98.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Vegetable Oils.

PRODUCTION STATUS (AS ON 31.03.2010)

Licensed Capacity	Refining Capacity 200 Tons per day
Operating Capacity	15390 Tons of oil refined during the year

Note: Licensed capacity is reported as estimated by the management.

GENERAL INFORMATION

Bankers :

State Bank of Mysore, 1^st Floor, Sankar Plaza, Bhanugudi Centre, Kakinada-533003, Andhra Pradesh, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
From Scheduled Bank [Secured by hypothecation of inventories, book debts and by charge on the assets of the company in addition to the personal guarantee of directors]
Term Loan	7.510	7.394
Working Capital	180.107	73.673
Others	2.051	120.379
Total	189.668	201.446
Unsecured Loan
Inter Corporate Deposits	7.000	0.000
Trade Deposits	1.554	1.536
Total	8.554	1.536

Banking Relations :	--
Financial Institution:	Andhra Pradesh State Finance Corporation, 5-9-194, Chirag Ali Lane, PB No. 165, Hyderabad-500001, Andhra Pradesh, India
Auditors :
Name :	P.S. Rander and Company Chartered Accountants
Address :	1-4-34, Dwaraka Nagar, Nizamabad-503001, Andhra Pradesh, India
Pan No.:	AABFP9373Q

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 Millions

As on 21.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4624000	Equity Shares	Rs.10/- each	Rs.46.240 Millions

After 21.08.2010

Authorised Capital : RS.100.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.47.529 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		45.000	45.000	45.000
2] Share Application Money		31.636	1.636	2.136
3] Reserves & Surplus		42.632	41.684	43.916
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		119.268	88.320	91.052
LOAN FUNDS
1] Secured Loans		189.668	201.446	103.502
2] Unsecured Loans		8.554	1.536	90.829
TOTAL BORROWING		198.222	202.982	194.331
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		317.490	291.302	285.383
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		119.673	125.804	140.503
Capital work-in-progress		11.102	0.000	0.000
INVESTMENT		0.000	0.501	0.502
DEFERREX TAX ASSETS		1.200	1.370	1.515
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	509.325	282.694	245.735
	Sundry Debtors	543.534	169.576	142.281
	Cash & Bank Balances	92.993	32.463	103.030
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	149.794	174.565	50.016
Total Current Assets		1295.646	659.298	541.062
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1007.987	457.443	354.594
	Other Current Liabilities	92.506	33.305	40.944
	Provisions	9.789	5.104	2.873
Total Current Liabilities		1110.282	495.852	398.411
Net Current Assets		185.364	163.446	142.651
MISCELLANEOUS EXPENSES		0.151	0.181	0.212
TOTAL		317.490	291.302	285.383

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3716.261	2768.475	2354.089
		Other Income	7.378	15.619	6.710
		TOTAL (A)	3723.639	2784.094	2360.799
Less	EXPENSES
		Purchases	3768.598	2664.879	1931.294
		Direct / Manufacturing Expenses	66.676	60.522	309.122
		Personnel Expenses	18.001	17.676	13.938
		Administrative Expenses	5.954	5.141	6.275
		Selling Expenses	17.152	17.637	34.261
		Prior Period Adjustments	0.017	0.267	0.000
		Increase / Decrease in Stocks	(224.802)	(39.686)	5.924
		TOTAL (B)	3651.596	2726.436	2300.814
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		72.043	57.658	59.985
Less	FINANCIAL EXPENSES (D)		52.967	39.979	40.397
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.076	17.679	19.588
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.916	16.303	18.213
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		4.160	1.376	1.375
Less	TAX (H)		3.213	3.607	0.240
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.947	(2.231)	1.135
	IMPORTS		1108.200	NA	NA
	Earnings Per Share (Rs.)		0.21	(0.50)	0.25

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.03	(0.08)	0.05
Net Profit Margin (PBT/Sales)	(%)	0.11	0.05	0.06
Return on Total Assets (PBT/Total Assets}	(%)	0.29	0.18	0.20
Return on Investment (ROI) (PBT/Networth)		0.03	0.02	0.02
Debt Equity Ratio (Total Liability/Networth)		10.97	7.91	6.51
Current Ratio (Current Asset/Current Liability)		1.17	1.33	1.36

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U15142AP2001PTC038197
Name of the company	NIKHIL REFINERIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1-8-663 Azamabad Industrial Area, Azamabad, Hyderabad-500020, Andhra Pradesh, India
Type of charge	Immovable Property
Particular of charge holder	Andhra Pradesh State Finance Corporation, 5-9-194, Chirag Ali Lane, PB No. 165, Hyderabad-500001, Andhra Pradesh, India
Email	hyd_apsfcho@sancharnet.in
Nature of description of the instrument creating or modifying the charge	1.Memorandum of Deposit of Tile Deeds 26-08-2010 2. Loan Agreement Dated 25/08/2010. 3. Sanction Letter Dated 31/03/2010.
Date of instrument Creating the charge	26.08.2010
Amount secured by the charge	Rs.30.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 16.5% p.a. payable monthly. Terms of Repayment The term Loan shall be repaid in full within 5 years from the date of disbursement. Repayable in 55 Monthly installments. First Monthly Installment at Rs. 0.300 Million and subsequent 54 monthly installments @ Rs.0.550 Million. Repayment shall commence after 6 months. Extent and Operation of the charge The Charge extends to the Collateral securities offered by the Company.
Short particulars of the property charged	All that land admeasuring AC.5.58 cents i.e. AC3.00 cents (out of Ac.3.40 cents) in S.No.59/6 and ac. 2.58 cents (out of 3.60 cents) in Sy.no.59/7A, situated at Amaravalli (V), U. Kottaplli (M), EG Dated

Fixed Assets:

· Factory Building

· Administrative Building

· Plant and Machinery

· Office Equipments

· Computes

· Furniture and Fixtures

· Storage Tanks

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	4
--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		29

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.