MIRA INFORM REPORT

Report Date :

23.04.2012

IDENTIFICATION DETAILS

Name :	ORAI FLOUR MILLS PRIVATE LIMITED
Registered Office :	Raj Marg – Kalpi Road, Industrial Area, Orai – 285001, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.08.1986
Com. Reg. No.:	20-008099
Capital Investment / Paid-up Capital :	Rs.4.800 Millions
CIN No.: [Company Identification No.]	U15311UP1986PTC008099
TAN No.: [Tax Deduction & Collection Account No.]	KNPO01051B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of wide array of quality agro products like Wheat Process Food, Atta, Maida, Dalia, Gulab Jamun, Suji, Salt, Besan, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 104000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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

INFORMATION DECLINEDBY

Name :	Mr. Achal
Designation :	Director
Contact No.:	91-5162-238625
Date :	20.04.2012

LOCATIONS

Registered Office :	Raj Marg – Kalpi Road, Industrial Area, Orai – 285001, Uttar Pradesh, India
Tel. No.:	91-5162-238625
Fax No.:	91-5162-238640
E-Mail :	mail@usgindia.com
Sales Office :	Shop No. 210/211, Express Road, Kanpur, India
Tel. No.:	91-512-2333319

DIRECTORS

As on 30.09.2010

Name :

Mr. Ram Swaroop Gupta

Designation :

Managing director

Date of Appointment :

30.09.1996

DIN No.:

00320213

Name :

Mr. Vishal Gupta

Designation :

Whole-time director

Date of Appointment :

17.06.2004

DIN No.:

00303334

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	U15311UP1986PTC008099	ORAI FLOUR MILLS PRIVATE LIMITED	Whole-time director	17-06-04	17-06-04	-	Active	NO
2	U70102UP2005PTC029432	ANKIT CASTINGS PRIVATE LIMITED	Director	19-01-05	19-01-05	30-03-09	Active	NO
3	U15131UP2005PTC029751	RAMSHREE FOODS PRIVATE LIMITED	Director	05-04-05	05-04-05	-	Active	NO
4	U74900UP2009PTC038403	KOYAL ENTERTAINMENTS PRIVATE LIMITED	Director	08-10-09	08-10-09	-	Active	NO

Name :

Mr. Achal Gupta

Designation :

Additional director

Date of Appointment :

22.06.2009

DIN No.:

00303264

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	U70102UP2005PTC029432	ANKIT CASTINGS PRIVATE LIMITED	Director	19-01-05	19-01-05	30-03-09	Active	NO
2	U15311UP1986PTC008099	ORAI FLOUR MILLS PRIVATE LIMITED	Additional director	22-06-09	22-06-09	-	Active	NO
3	U74900UP2009PTC038403	KOYAL ENTERTAINMENTS PRIVATE LIMITED	Director	30-11-11	08-10-09	-	Active	NO
4	U60231UP2011PLC046093	ORAI TRANSPORT LIMITED	Director	08-08-11	08-08-11	-	Active	NO

Name :

Mr. Ankit Gupta

Designation :

Additional director

Date of Appointment :

22.06.2009

DIN No.:

02678040

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	U15311UP1986PTC008099	ORAI FLOUR MILLS PRIVATE LIMITED	Additional director	22-06-09	22-06-09	-	Active	NO
2	U74900UP2009PTC038403	KOYAL ENTERTAINMENTS PRIVATE LIMITED	Director	08-10-09	08-10-09	22-01-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Ram Naresh Gupta	1
Arvind Kumar Gupta	1
Repudaman Pratap Singh	1210
Mahesh Pratap Singh	200
Avadesh Pratap Singh	200
Shiv Ram Niranjan	250
Udai Pratap Singh	1000
Chandra Kuman	450
Malti Gupta	7973
Ram Swaroop Gupta	1
Sita Gupta	15974
Pradeep Kumar Gupta	1945
SRG Custodians and Securities Private Limited	6000
Vishal Gupta	4300
Lewis Exports Private Limited	5000
Achal Gupta	3495
TOTAL	48000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	22.92
Directors or relatives of Directors	62.90
Other top fifty shareholders	14.18
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of wide array of quality agro products like Wheat Process Food, Atta, Maida, Dalia, Gulab Jamun, Suji, Salt, Besan, etc.

Products :

Item Description	Item Code No.
Wheat Flour	Wheat Flour

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, Krishna Tower, 15/63 Civil Lines, Kanpur – 208001, Uttar Pradesh, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.201 (Rs. in Millions)
HDFC Bank CC Account	49.599	24.485
HDFC Bank Car Loan	3.853	0.152
SCB Property Loan	0.946	1.300
Total	54.398	25.937
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.201 (Rs. in Millions)
From Shareholder	4.688	4.688
From Director	27.610	6.110
Total	32.298	10.798

Banking Relations :	--
Auditors :
Name :	U S Gupta and Associates Chartered Accountant
Address :	14/76-D, Civil Lines, Kanpur – 285001, Uttar Pradesh, Idnai
PAN.:	AAAFU2124P

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48000	Equity Shares	Rs.100/- each	Rs.4.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.800	4.800	4.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		21.302	17.309	13.387
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.102	22.109	18.187
LOAN FUNDS
1] Secured Loans		54.398	25.937	14.014
2] Unsecured Loans		32.298	10.798	27.256
TOTAL BORROWING		86.696	36.735	41.270
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		112.798	58.844	59.457
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.330	13.053	11.532
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.888	13.069	23.157
	Sundry Debtors	56.889	29.780	17.899
	Cash & Bank Balances	2.313	1.559	6.312
	Other Current Assets	0.259	0.255	0.269
	Loans & Advances	8.126	4.669	3.947
Total Current Assets		97.475	49.332	51.584
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.120	0.781	2.145
	Other Current Liabilities	3.887	2.760	1.614
	Provisions	0.000	0.000	0.000
Total Current Liabilities		5.007	3.541	3.759
Net Current Assets		92.468	45.791	47.825
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		112.798	58.844	59.457

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	467.568	428.698	251.679
		Other Income	0.453	0.101	0.761
		TOTAL (A)	468.021	428.799	252.440
Less	EXPENSES
		Raw Material Consumed Traded	424.039	393.077	227.787
		Manufacturing Expenses	17.641	13.589	12.813
		Administrative	4.526	2.464	2.427
		Selling Expenses	7.251	6.654	3.809
		Director Remuneration	1.980	1.666	3.267
		Increase/ (Decrease) in Stock	(2.069)	0.883	(0.242)
		TOTAL (B)	452.368	418.333	249.861
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.653	10.466	2.579
Less	FINANCIAL EXPENSES (D)		6.449	3.270	3.612
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.204	7.196	(1.033)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.467	1.776	1.560
	Income Tax Earlier Year		0.065	0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		5.672	5.420	(0.527)
Less	TAX (H)		1.673	1.498	0.386
	PROFIT AFTER TAX (G-I) (I)		3.999	3.922	(0.913)
	Earnings Per Share (Rs.)		0.83	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.85	0.91	(0.36)
Net Profit Margin (PBT/Sales)	(%)	1.23	1.26	(0.21)
Return on Total Assets (PBT/Total Assets}	(%)	4.87	8.69	(0.83)
Return on Investment (ROI) (PBT/Networth)		0.22	0.24	(0.05)
Debt Equity Ratio (Total Liability/Networth)		3.51	1.82	2.48
Current Ratio (Current Asset/Current Liability)		19.47	13.93	13.72

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Operational

This Year the operation of the company is favorable. There of profit before taxation of Rs.5.672 millions as against profit of Rs.5.420 millions in previous year. The Net profit after tax etc. is Rs.3.999 millions.

FORM 8

Corporate identity number of the company	U15311UP1986PTC008099
Name of the company	ORAI FLOUR MILLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Raj Marg – Kalpi Road, Industrial Area, Orai – 285001, Uttar Pradesh, India Email: mail@usgaindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10069285
Type of charge	Book Debts Movable Property Floating Charge Immovable Property
Particular of charge holder	HDFC Bank Limited, Krishna Tower, 15/63 Civil Lines, Kanpur – 208001, Uttar Pradesh, India Email: RBBform8@hdfcbank.com
Nature of instrument creating charge	a) Supplementary Letter of Hypothecation. b) Memorandum Recording past transaction of creation of mortgage by delivery of title deeds. (Collectively constitute a single charge for Rs.100.000 Millions)
Date of instrument Creating the charge	24.05.2011
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge (a) Hypothecation by way of First Charge on Company's Stock in Trade and Book Debts etc., to secure as a continuing security as stated in Column No.15 below, (b) The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as stated under Item No.15 below, as security for repayment of Rs.100.000 millions, together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstanding, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights which are now Immovable property being Factory Land and Building at Khasra No. 347, Village Rahia Industrial Area, Kalpi Road, ORAI – 285001, Uttar Pradesh, India
Date of instrument modifying the charge	31.01.2010
Particulars of the present modification	The charge shall now stand increased from Rs.65.000 millions to Rs.100.000 millions, in favour the Bank.

FIXED ASSETS

• Free Hold Land
• Factory Building
• Office Building
• Plant and Machinery
• Kanpur Office Building
• Flour Mill Roller
• Vehicle
• Furniture and Fixture
• Computer
• Cycle

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.51.99
UK Pound	1	Rs.83.54
Euro	1	Rs.68.39

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	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.