MIRA INFORM REPORT

Report Date :

26.09.2011

IDENTIFICATION DETAILS

Name :	AGRO SOLVENT PRODUCTS PRIVATE LIMITED
Registered Office :	2^ndFloor, Gopal Bhawan, Sanday Complex, Gwalior-474009, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.05.1982
Com. Reg. No.:	10-1976
Capital Investment / Paid-up Capital :	Rs.8.802 Millions
CIN No.: [Company Identification No.]	U15141MP1982PTC001976
TAN No.: [Tax Deduction & Collection Account No.]	BPLA00391G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Edible Oil, Feed Additives, Soya Lecithin and Acid Oil
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having good track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. Company can be considered good for normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	2^ndFloor, Gopal Bhawan, Sanday Complex, Gwalior-474009, Madhya Pradesh, India
Tel. No.:	91-751-2323960 / 2320419
Fax No.:	91-751-2320368
E-Mail :	agrosolvent@agrosolvent.com sureskhalra|@agroslavent.com
Website :	http://www.agrosolvent.com
Factory :	Govind Niwas, Datia-475661, Madhya Pradesh, India
Tel. No.:	91-7522-237503
Fax No.:	91-7522-401275

DIRECTORS

As on 13.06.2011

Name :

Mr. Suresh Kalra

Designation :

Chairman cum Managing Director

Address :

A/24, Basant Vihar, Gwalior-474002, Madhya Pradesh

Date of Birth/Age :

10.11.1950

Date of Appointment :

26.05.1982

Din No.:

00711192

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	U15141MP1982PTC001976	AGRO SOLVENT PRODUCTS PRIVATE LIMITED	Managing director	26-05-82	26-05-82	-	Active	NO
2	U64202MP2000PTC014373	ASPL IMPEX PRIVATE LIMITED	Director	05-09-00	05-09-00	-	Active	NO
3	U72200MP2001PTC014870	SYSTEMS LIFECYCLE PRIVATE LIMITED	Director	08-11-01	08-11-01	14-02-08	Active	NO

Name :

Mr. Mahesh Kumar Malhotra

Designation :

Whole Time Director

Address :

Bhajanjeet Colony, Datia-475661, Madhya Pradesh, India

Date of Birth/Age :

07.04.1952

Date of Appointment :

30.11.1989

Din No.:

00206082

Name :

Mr. Jayant Kothari

Designation :

Whole Time Director

Address :

129, Malviya Nagar, Bhopal-462003, Madhya Pradesh

Date of Birth/Age :

02.11.1951

Date of Appointment :

31.08.1993

Din No.:

00074306

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	U15141MP1982PTC001976	AGRO SOLVENT PRODUCTS PRIVATE LIMITED	Director	31-08-93	31-08-93	-	Active	NO
2	U64202MP2000PTC014373	ASPL IMPEX PRIVATE LIMITED	Director	26-10-00	26-10-00	-	Active	NO
3	U72200MP2001PTC014870	SYSTEMS LIFECYCLE PRIVATE LIMITED	Director	26-02-02	26-02-02	22-04-08	Active	NO
4	L74999PN1990PLC059566	ATHARV ENTERPRISES LIMITED	Additional director	29-12-10	29-12-10	12-07-11	Active	NO

Name :

Mr. Dharam Pal Khanna

Designation :

Director

Address :

26, Jayant Nagar, Annexe, Indore, Madhya Pradesh

Date of Birth/Age :

04.11.1934

Date of Appointment :

06.01.1990

Din No.:

00041106

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	U15141MP1982PTC001976	AGRO SOLVENT PRODUCTS PRIVATE LIMITED	Director	02-07-93	02-07-93	-	Active	NO
2	U31300UP1979SGC004719	SHREETRON INDIA LIMITED	Director	07-04-01	07-04-01	20-07-10	Active	NO
3	L99999MH1983PLC126481	PARENTERAL DRUGS (INDIA) LIMITED	Director	27-02-02	27-02-02	-	Active	NO

Name :

Mr. Shyam Swaroop Shukla

Designation :

Director

Address :

B-9, Purshottam Vihar, Golaka Mandir, Gwalior-474005, Madhya Pradesh, India

Date of Birth/Age :

05.08.1946

Date of Appointment :

03.02.2007

Din No.:

01311989

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 13.06.2011

Names of Shareholders	No. of Shares
Suresh Kalra	55190
Sarita Kalra	19600
Mahesh Kumar Malhotra	960
Shamit Kalra	6600
Ankit Kalra	5600
Suresh Kalra HUF	50
Jayant Kothari	5
DharamPal Kahnna	5
Shyam Swaroop Shukla	5
Total	88015

As on 13.06.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Edible Oil, Feed Additives, Soya Lecithin and Acid Oil

GENERAL INFORMATION

Bankers :

State Bank of India, Commercial Branch, City Centre, Gwalior-474012, Madhya Pradesh, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Cash Credit Account (secured by first charge over company’s entire fixed assets including factory land and building and hypothecation of stocks of materials, Stores Spares, Finished Goods etc. including items in transit and all book debts receivables and also guarantee by the managing director)	275.987	14.357
SBI Term Loan (Secured by hypothecation of WEGs and collateral security as first charges over company’s entire fixed assets by way a hypothecation of movable assets and equitable mortgaged of fixed assets and also secured by personal guarantee of director)	130.890	0.000
Total	406.877	14.357
Unsecured Loan
From Directors and Shareholders	12.957	20.750
Total	12.957	20.750

Banking Relations :	--
Auditors :
Name :	Saboo and Company Chartered Accountant
Address :	Saboo Bhawan, Naya Bazar, Gwalior-4174009, Madhya Pradesh, India
Tel. No.:	91-751-2325664
Mobile No.:	91-9200375310
E-Mail :	sks1944@yahoo.com

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
88015	Equity Shares	Rs.100/- each	Rs.8.802 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		8.802	8.802	8.802
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		383.552	328.690	195.442
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		392.354	337.492	204.244
LOAN FUNDS
1] Secured Loans		406.877	14.357	307.264
2] Unsecured Loans		12.957	20.750	11.231
TOTAL BORROWING		419.834	35.107	318.495
DEFERRED TAX LIABILITIES		16.669	0.000	0.000
TOTAL		828.857	372.599	522.739
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		250.199	53.004	51.875
Capital work-in-progress		0.000	1.073	0.000
INVESTMENT		11.582	8.768	8.768
DEFERREX TAX ASSETS		0.000	4.550	2.946
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	418.323	312.869	427.142
	Sundry Debtors	200.676	10.559	70.772
	Cash & Bank Balances	6.538	54.508	5.646
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	45.126	108.733	89.574
Total Current Assets		670.663	486.669	593.134
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	71.393	71.967	71.967
	Other Current Liabilities	15.679	36.851	22.147
	Provisions	16.515	72.647	39.870
Total Current Liabilities		103.587	181.465	133.984
Net Current Assets		567.076	305.204	459.150
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		828.857	372.599	522.739

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2752.287	3208.467	3062.651
		Other Income	42.634	25.450	3.217
		TOTAL (A)	2794.921	3233.917	3065.868
Less	EXPENSES
		TOTAL (B)	2660.273	3000.979	2919.464
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		134.648	232.938	146.404
Less	FINANCIAL EXPENSES (D)		27.226	18.876	27.096
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		107.422	214.062	119.308
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.818	8.194	8.063
	PROFIT BEFORE TAX (E-F) (G)		93.604	205.868	111.245
Less	TAX (H)		38.227	71.591	38.937
	PROFIT AFTER TAX (G-H) (I)		55.377	134.277	72.308
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		185.876	102.628	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	50.000	NA
		Proposed Dividend	0.440	0.880	NA
		Dividend Distribution Tax	0.075	0.150	NA
	BALANCE CARRIED TO THE B/S		230.738	185.875	102.628
	Earnings Per Share (Rs.)		629.18	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.01	4.18	2.36
Net Profit Margin (PBT/Sales)	(%)	3.40	6.42	3.63
Return on Total Assets (PBT/Total Assets}	(%)	10.16	38.15	16.01
Return on Investment (ROI) (PBT/Networth)		0.24	0.61	0.54
Debt Equity Ratio (Total Liability/Networth)		1.33	0.64	2.22
Current Ratio (Current Asset/Current Liability)		6.47	2.68	4.43

LOCAL AGENCY FURTHER INFORMATION

Year in Retrospect:

This year the company has performed well but not as per expectations. The turnover of the company has decreased to Rs.2794.921 millions from Rs.3233.917 millions achieved during last year. However, the company has installed 4WEGs of 3.2 MW capacity with a capital outlay of Rs.172.000 millions. This will go a long way to generate green energy which is the recovery during the current year.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90205866
Corporate identity number of the company	U15141MP1982PTC001976
Name of the company	AGRO SOLVENT PRODUCTS PVT LTD
Address of the registered office or of the principal place of business in India of the company	2^ndFloor, Gopal Bhawan, Sanday Complex, Gwalior-474009, Madhya Pradesh, India
Type of charge	Book Debts Movable Property Immovable Property Any Interest in Immovable Property Others
Particular of charge holder	State Bank of India, Commercial Branch, City Centre, Gwalior-474012, Madhya Pradesh, India
Email	sbi.08534@sbi.co.in
Nature of description of the instrument creating or modifying the charge	1. Supplemental agreement of loan for increase in the over all limit. form c.1-a 2. Supplemental deed of guarantee for increase in over all limits. form c.4-a 3. Letter of sanction of term loan of Rs. 129.0000 millions and renewal of working capital facilities
Date of instrument Creating the charge	22.09.2009
Amount secured by the charge	Rs.732.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 0.75% Below SBAR, Currently Effective And Minimum 11% P.A., Applicable At Monthly Rests Terms of Repayment Term loan repayable in 17 quarterly installment of Rs. 7.500 millions each and one last installment of Rs. 1.500 millions during the year 2010-11 to 2014-15. Total repayment of Rs. 129.000 millions. Margin Raw Material =25% Finished Goods = 30% Book Debts = 40% Bank Guarantees = 10% EPC/FBD = 10% Term Loan =25%
Short particulars of the property charged	I) Stocks of raw material, stock in process, finished goods including items in transit, stores and spares, bills, book debts/receivables etc. II) Factory land, building, plant & machinery at Gird, DATIA, MP III) Equitable mortgage of house situated at A24, Basant Vihar, Gwalior measuring 4000 sq ft in the name of Shri Suresh Kalra and Smt. Sarita Kalra IV) Lien over STDR with face value of 0.15 millions s lien over additional STDR of Rs. 0.1645 millions s V) Assets financed by way of Term Loan by way of Hypothecation of WEGs installed at village-Jodha, District Jaisalmer, Rajasthan
Date of latest modification prior to the present modification	11.11.2008
Particulars of the present modification	Increase the aggregate sum limit from Rs. 570.000 millions s to Rs. 732.000 millions

Fixed Assets:

Ø Freehold Land

Ø Buildings

Ø Plant and Machinery

Ø Vehicles

Ø Factory Equipments

Ø Furniture and Fixtures

Ø Computer

Ø Office Equipments

WEBSITE DETAILS:

History:

In 1982 subject established its Solvent Extraction plant of 50 TPD (Tonnes Per Day) and a Refining Plant of 25 TPD at Datia, 65 Kilometers away from Gwalior on Gwalior Jhansi National Highway 75.

The company has established its unswerving endeavor by being the only surviving unit out of the many that started in the vicinity. In its 26 years of existence, the company has expanded its operations in two consolidated plants.

The first plant or Unit I has a manufacturing capacity of 450 TPD solvent extractions, refining capacity of 150 TPD vegetable oil and producing 180 TPM soybean lecithin. Unit II houses 550 TPD solvent extraction plant and 300 TPD oil expeller facilities.

After the humble beginning of the unit with about 80 employees on its rolls, it has now an extended family of almost 750 employees. About 5000 people connected to subject’s business earn bread indirectly.

They believe that superior Quality of the products is the key to success for any industry. The staunch belief is reinforced by the stand -- rather compromise on sales figure than compromise on quality.

This stand on quality has been validated. Superior quality itself has led to the stunning growth of the company. From the initial annual turnover of approximately Rs.7.000 Millions, the company has achieved a turnover of Rs. 3500.000 Millions (about US $88 million) in the financial year 2007-08.

The Company has been able to achieve a whopping 5000 per cent  progress through its commitment to deliver superior quality products to its consumers. The Company adheres to high quality of its products by adopting ISO 9001-2008 standards.

Subject has been able to march ahead by keeping costs under control without compromising on quality requirements and maintaining sanctity of work processes.

The policy dedicated to maintaining quality specifications as laid down by various standards and norms and make optimal use of best available machinery and manpower in the industry spells the secret of the tremendous growth story.

Profile:

Subject is a closely held private limited company celebrated its silver jubilee in 2007 marking a rich and consistent track record of 25 years. The company has been a remarkable contributor to India’s billion dollar edible oil sector. The company has recently been awarded with ISO 9001:2008 certification by BVQI for Quality Management System and HALAL certification.

The company’s operations head quartered in Madhya Pradesh, the Soya bowl of India boasts of incessant supply of edible oil in a business to business and business to retail arenas.

‘Sahaj’, the flagship brand of ASPPL, is aiming to be one of the most popular brands in the country. ASPPL offers refined Soybean oil and Mustard oil under its premium brand.

The Sahaj products drawn from agriculture and offered in natural or processed forms are intended to provide superior quality so that they can promote healthy living. ASPPL zealously guards its motto: “Quality is the commitment”.

At ASPPL quality is not just a word that describes certain standards. It is a commitment to apply quality techniques correctly to efficient procurement, superior storage, skilled trading and state-of-the art manufacturing process.

Sahaj products can boast of nil defects driven by optimal cycle time from procurement to end consumer. They at ASPPL believe that quality is the statement and the consumers have validated the resolves. Customer experience and the resultant loyalty has sealed the relation with the consumer that begins and not ends with the sale of the products.

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.49.67
UK Pound	1	Rs.76.50
Euro	1	Rs.66.98

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		62

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.