MIRA INFORM REPORT

Report Date :

28.09.2011

IDENTIFICATION DETAILS

Name :	CARGILL INDIA PRIVATE LIMITED
Registered Office :	111, Rectangle – I, Saket District Center, New Delhi – 110017, Delhi
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.04.1996
Com. Reg. No.:	55-118008
Capital Investment / Paid-up Capital :	Rs.410.458 Millions
CIN No.: [Company Identification No.]	U15440DL1996PTC118008
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporters of Edible Oil, Vegetable Oils and Food products
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 5000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track. It is a part of Cargill, USA. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct. In view of strong holding, 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 – 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 :	111, Rectangle – I, Saket District Center, New Delhi – 110017, Delhi, India
Tel. No.:	91-11-46010389
Fax No.:	91-11-46010390
E-Mail :	India_cargillgroup@cargill.com
Corporate Office 1 :	14^th floor, Building 9 A DLF Cyber City, Phase III Gurgaon 122 002 (Haryana), India
Tel. No.:	91-124-2358939/ 4090489
Fax No.:	91-124-2358977
Corporate office 2 :	99, Hope Farm, Hoody Whitefield Road, Bangalore – 550066, Karnataka, India

DIRECTORS

AS ON 27.09.2010

Name :

Mr. Siraj Azmat Chaudhry

Designation :

Director

Address :

S-12B, Windsor Court, DLF Phase IV, Gurgaon – 122009, Haryana, India

Date of Birth/Age :

08.01.1967

Date of Appointment :

22.09.2008

DIN No.:

00161853

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	U74999DL1979PLC136409	CARGILL FOODS INDIA LIMITED	Managing director	20-10-05	20-10-05	Amalgamated	NO
2	U15440DL1996PTC118008	CARGILL INDIA PRIVATE LIMITED	Director	30-09-08	22-09-08	Active	NO

Name :

Ms. Jyoti Arora

Designation :

Director

Address :

H. No. 768/22, Street No. 2, Gandhi Nagar, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

25.07.1981

Date of Appointment :

21.01.2008

Pan No.:

AIAPA1497K

Name :

Mr. Viraghavan Sankaran

Designation :

Director

Address :

519-A, Hamilton Court, DLF Phase IV, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

07.04.1964

Date of Appointment :

30.09.2008

DIN No.:

00174728

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	U15142PN2003PTC018125	GLOBAL OILS AND FATS LIMITED	Director	20-10-05	20-10-05	Amalgamated	NO
2	U74999DL2003PLC136410	GLOBAL OILS AND FATS LIMITED	Director	20-10-05	20-10-05	Amalgamated	NO
3	U15440DL1996PTC118008	CARGILL INDIA PRIVATE LIMITED	Director	30-09-08	30-09-08	Active	NO

Name :

Mr. Maheep Kumar Shukla

Designation :

Director

Address :

106, C2C Block, Pocket-II, Janak Puri, New Delhi – 110058, Delhi, India

Date of Birth/Age :

01.10.1974

Date of Appointment :

16.12.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2010

Names of Shareholders	No. of Shares
Cargill Mauritius Limited (Mauritius)	39795888
Cargill International Trading PTE Limited (Singapore)	2
Duckworth Group UK Limited (U.K.)	3
Cargill Global Trading India Private Limited (India)	1250000
Total	41045893

AS ON 27.09.2010

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Edible Oil, Vegetable Oils and Food products

Products :

· Animal Nutrition

· Coal

· Cotton

· Flavor Systems

· Ferrous

· Grain and Oilseeds

· Refined Oils

· Sugar and Sugar Support Centre

· Trade and Structured Finance

ITC Code	Product descriptions
Corn	11031300
Palmolein Oil	15132900.10
Soyameal	230400.02
Food Flavours	3302.10

PRODUCTION STATUS AS ON 31.03.2010

Licensed capacity / Installed Capacity *

Particulars	Unit	Licensed Capacity
Edible oil refining	MT p.a	1140000
Aqua feed	MT p.a	36000
Emulsion and food flavors	MT p.a	2000
Others * *	MT p.a	190800

*As certified by the management and not verified by the Auditor being a technical matter.

**Represents installed capacity of distilled fatty acid (25500 MT), acid oil (13800 MT), hydro vasnaspati (150000 MT) and packing film extrusion (1500 MT).

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Short term loans and advance (repayable within one year)
Form banks
Rupee loan	2000.000	2840.000
Foreign currency loan	7046.084	3426.646
overdraft	112.150	33.322
Form others
Rupee loan	1361.161	351.902
Foreign currency loan	4.602	4.940
Total	10523.997	6656.810

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountant
Address :	Building No. 10, 8^th Floor, Tower – B, DLF Cyber City, Phase – II, Gurgaon 122002, Haryana, India
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101
Holding Company:	Cargill Muritius Limited
Ultimate Holding Company:	Cargill Incorporated, USA
Associates/Subsidiaries :	· Cargill International S A, Geneva · Cargill International Trading PTE Limited, Singapore · Carval India Private Limited · Black Rives Advisors India Private Limited · Cargill Ocean Transportation, Singapore · Cargill SACI Sucursal, Uruguay · PT Cargill, Indonesia · Cargill Asia Pacific treasury Limited, Singapore · Cargill Agricola SA · Cargill Feed SDN BHD · Cargill TSF Asia PTE LTD · Cargill Deutschland GMBH · Cargill Limited, Canada Aghorizons · DESA Cargill SDN BHD · Cargill SAS, France · CFSIT Incorporated · Cargill Tradeing Egypt · M A Cargill Trading · Cargill France · Cargill Vietnam Limited · CAN Technologies INC., US

CAPITAL STRUCTURE

AS ON 27.09.2010

Authorised Capital:

No. of Shares	Type	Value	Amount
120000000	Equity Shares	Rs.10/- each	Rs.1200.000 Millions
26000000	Preference Share	Rs.10/-each	Rs.260.000 Millions
	Total		Rs.1460.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
39795893	Equity Shares	Rs.10/- each	Rs.397.958millions
1250000	Preference Share	Rs.10/-each	Rs.12.500millions
	Total		Rs.410.458 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		410.458	397.873	397.873
2] Share Application Money		0.000	1.701	1.701
3] Reserves & Surplus		1871.997	1632.880	1632.880
4] (Accumulated Losses)		(1017.998)	(1313.405)	(2376.526)
NETWORTH		1264.457	719.049	(344.072)
LOAN FUNDS
1] Secured Loans		0.000	0.000	85.772
2] Unsecured Loans		10523.997	6656.812	14479.552
TOTAL BORROWING		10523.997	6656.812	14565.324
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		11788.454	7375.861	14221.252
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1669.297	1438.110	1593.082
Capital work-in-progress		217.420	362.741	81.321
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12629.697	7735.270	11323.813
	Sundry Debtors	1449.497	1748.429	2403.371
	Cash & Bank Balances	1825.819	1190.110	4005.225
	Other Current Assets	83.539	0.000	0.000
	Loans & Advances	1771.873	2012.276	2887.102
Total Current Assets		17760.425	12686.085	20619.511
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	7726.058	6943.211	7940.882
	Provisions	132.630	167.864	131.780
Total Current Liabilities		7858.688	7111.075	8072.662
Net Current Assets		9901.737	5575.010	12546.849
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		11788.454	7375.861	14221.252

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		TOTAL	63958.269	61406.920	55370.330
Less	EXPENSES
		TOTAL	63689.033	59453.740	54696.390
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(Including Financial Expenses and Depreciation)	1953.180	673.940
Less	FINANCIAL EXPENSES			542.950	944.810
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			1410.230	(270.870)
Less	DEPRECIATION/ AMORTISATION			301.830	379.490
	PROFIT BEFORE TAX		269.235	1108.400	(650.360)
Less	TAX		16.977	45.280	13.990
	PROFIT AFTER TAX		252.359	1063.120	(664.350)
	BALANCE CARRIED TO THE B/S		252.359	1063.120	(664.350)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	13876.075	18220.583	19943.496
		Commission Earnings	164.247	172.488	125.856
		Other Earnings	54.788	94.405	56.104
	TOTAL EARNINGS		14095.110	18487.476	20125.456
	IMPORTS
		Raw Materials	16228.755	11482.930	7762.988
		Stores & Spares	13.715	47.865	37.905
		Capital Goods	0.186	22.148	24.329
	TOTAL IMPORTS		16242.656	11552.943	7825.222
	Earnings Per Share (Rs.)		6.34	26.72	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.39	1.73	(1.19)
Return on Total Assets (PBT/Total Assets}	(%)	1.38	7.84	(2.92)
Return on Investment (ROI) (PBT/Networth)		0.21	1.54	1.89
Debt Equity Ratio (Total Liability/Networth)		14.54	19.14	(65.79)
Current Ratio (Current Asset/Current Liability)		2.26	1.78	2.55

LOCAL AGENCY FURTHER INFORMATION

CHANGE OF ADDRESS:

Registered office of the company has been shifted from 13, Abdul Fazal Road, New Delhi – 110001, Delhi, India to the present address w.e.f. 09.08.2007

performance for the year:

The company has achieved a turnover of 61981.77 millions (net of excise duty) during the financial year 2009-10, showing a growth of 4.5% over previous year. It has reported a net profit of 7269.24 millions (before tax) during the current year.

During the year, company has adopted Accounting Standard (AS) 30 'Financial Instrument, recognition and measurement' effective from 1^st April 2009, the gain on contracts with commodity exchanges outstanding at the beginning of the year amounted to 743.05 millions net of income tax provision of 38.81 millions has been adjusted against the opening balance of Profit and Loss account in accordance with transitional provisions of AS 30. Had the company not adopted AS 30 as mentioned above, the profit for the year before tax would have been 7321.10 millions instead of 7269.24 millions as reported.

CAPITAL STRUCTURE

During the year under the company has modified the structure of its authorized capital by sub dividing the same into equity and preference share. Now the authorized share capital of the company is Rs.1460.000 millions divided into 120000000 equity shares of Rs.10 each and 26000000 preference shares of Rs.10/- each.

During the month June 2009 company has further issued 8509 equity shares of Rs.10 each fully paid up at premium aggregating to Rs.1.701 million to its existing shareholders as against the share application money pending for allotment in the books of accounts of Duckworth Flavours India Private Limited prior to its amalgamation with the company.

During the month of August 2009, the company has also issued 1250000 0.01% redeemable non-convertible cumulative preference share of Rs.10 each at premium aggregating to Rs.250.000 millions to Cargill Global Trading India Private Limited.

At present the total paid up equity share capital of the company is Rs.397.958 millions and the paid up preference share capital is Rs.12.500 millions.

fixed ASSETS:

· Freehold land

· Leasehold land

· Building – Plant

· Building – Office

· Land development

· Plant and Machinery

· Computer

· Office equipment

· Vehicles

· Furniture and fixture

· Goodwill

WEBSITE DETAILS:

PROFILE:

Cargill maintains a number of businesses in India, with operations including the handling and processing of a wide range of products, including refined oils, grain and oilseeds, sugar, cotton and animal feed. In addition, Cargill develops flavour systems and operates a value investing business. The presence in India has been growing since we began a joint venture operation in 1987.

Cargill milestones in India

1986	Sets up Liaison office in New Delhi. Trading activities include petroleum, wheat and sugar.
1988-92	Cargill Seeds incorporated as a 51% JV at Bangalore with local partner JV buyout : Cargill becomes 100% owner of Seeds business
1996	Cargill India set up as a 100 % owned trading company, Cargill India Private Limited Expanded trading to Vegetable oils, Molasses Trade and Structured Finance starts operations
1997	Begins primary sugar supply business First vegetable oil domestic sales commence from Chennai terminal Country Office set up in Delhi. All businesses combined under Cargill India
1998	Exits seed business as part of a global divestiture to Monsanto First desk of Grain and Oils Seeds business begin operations
1999	Ferrous trading desk set up in Mumbai
2000	Packaged foods business under NatureFresh brand launched with wheat products
2003	Acquires Duckworth Group UK and  starts flavor business in India NatureFresh brand transitions into refinery unit for sale in packed form
2004	Enters into JV with Prakash Parakh (2 entities – Parakh Foods Limited and Global Oils and Fats Limited). As a result, “Gemini” brand of refined oil and two oil refineries in West Coast of India comes into portfolio Commercial production of oil refineries at Paradip in East Coast of India and at Kandla in West Coast begins
2005	Acquires 100% stake in JV; new BU formed `Refined Oils  India’
2006	Establishes Animal Nutrition business Refined Oils India enters into institutional oil selling to large Food industry
2007	Launches Cotton trading business Coal and Ocean Transportation businesses start operations in India
2008	Launches Kutch Livelihood and Education Advancement Program in Kutch district, Gujarat in partnership with CARE Launches Oliante brand of olive oil
2010	Refined Oils India becomes Cargill Foods India. Acquires `Rath’ brand of Vanaspati (hydrogenated fat) Production starts at Silkroad Sugar Private Limited JV with EID Parry, in Kakinada Andhra Pradesh Launches Fast-track nutrition project in 3 districts of Madhya Pradesh in partnership with UN World Food Program
2011	Acquires `Sweekar’ brand of sunflower refined oil. AWB global acquisition enables leveraging existing asset base of AWB in India in the form of grain storage facilities.

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.49.18
UK Pound	1	Rs.76.65
Euro	1	Rs.66.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--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		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.