MIRA INFORM REPORT

Report Date :

25.08.2012

IDENTIFICATION DETAILS

Name :	INDRAPRASTH FOODS LIMITED
Registered Office :	147, Tukoganj Road, Dewas, Indore – 455001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.05.1998
Com. Reg. No.:	10-012825
Capital Investment/ Paid-up Capital:	Rs.7.385 Millions
CIN No.: [Company Identification No.]	U52110MP1998PLC012825
TAN No.: [Tax Deduction & Collection Account No.]	BPLI00312E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Agro Products
No. of Employees:	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 247000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. It has increased its sales turnover during 2011. The profitability appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct The company can be considered for business dealings with some cautions

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Harish Agarwal
Designation :	Director
Contact No.:	91-9425048677
Date :	22.08.2012

LOCATIONS

Registered Office :	147, Tukoganj Road, Dewas, Indore – 455001, Madhya Pradesh, India
Tel. No.:	91-7272-290050
Mobile No.:	91-9425048677 (Mr. Harish Agarwal)
Fax No.:	91-7272-290051
E-Mail :	akmcafiling@gmail.com indraprashthoraginicfoods@yahoo.com
Area :	2000 Sq.ft
Location :	Owned
Factory :	Near Anajmandi, Radhaganj Road, Dewas, Indore , Madhya Pradesh, India
Area :	30000 sq.ft
Location :	Owned

DIRECTORS

As on 25.08.2011

Name :

Mr. Sharad Agrawal

Designation :

Director

Address :

29, Krishna Pura, Dewas, Indore, Madhya Pradesh, India

Date of Birth/Age :

18.10.1967

Date of Appointment :

14.05.1998

Din No.:

00455979

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U52110MP1998PLC012825	INDRAPRASTH FOODS LIMITED	Director	14/05/1998	14/05/1998	-	Active	NO
2	U15311MP2010PLC024222	HIRA INTERNATIONAL LIMITED	Director	30/08/2010	30/08/2010	-	Active	NO

Name :

Mr. Hira Lal Agrawal

Designation :

Director

Address :

147, Tukoganj Road, Dewas, Indore, Madhya Pradesh, India

Date of Birth/Age :

14.02.1933

Date of Appointment :

14.05.1998

Din No.:

00455998

Name :

Mr. Harish Agrawal

Designation :

Director

Address :

29, Krishna Pura, Dewas, Indore, Madhya Pradesh, India

Date of Birth/Age :

22.06.1974

Date of Appointment :

14.05.1998

Din No.:

00456015

Name :

Mr. Varun Agrawal

Designation :

Director

Address :

36, Krishna Pura, Dewas, Indore, Madhya Pradesh, India

Date of Birth/Age :

17.09.1987

Date of Appointment :

14.05.1998

Din No.:

02005330

Name :

Mr. Vipul Agarwal

Designation :

Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.08.2011

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 25.08.2011

Category	Percentage
Directors or relatives of directors	73.00
Other top fifty shareholders	27.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Agro Products
Imports :
Products :	Raw Materials
Countries :	· Canada · Mexico · Turkey
Terms :
Selling :	Cash/Credit
Purchasing :	Cash/Credit

GENERAL INFORMATION

Suppliers :

· Nihal Packaging

· Indain Traders

· Prashant Traders

· Pooanam Traders

· Teena Trading Company

· Ankit Enterprises

· Shree Jee Trade Corbain

· Jaishiv Trading Company

Customers :

End users

No. of Employees :

20 (Approximately)

Bankers :

· Bank of India, Dewas Branch, Dewas, Indore – 455001, Madhya Pradesh, India

· Union Bank of India

· Vyaoarik Udyog Sahakari Bank Limited

· Axis Bank

· State Bank of Indore

· ICICI Bank

Facilities :

Rs. In Millions

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Bank of India Main Branch, Dewas C.C A/c No.10020 against stock secured by entire current assets	32.463	30.012
Bank of India, Dewas C.C A/c No.10019 against book debts secured by entire current assets	14.979	15.000
	47.442	45.012

Banking Relations :

--

Auditors :

Name :

Pramod Garg

Chartered Accountant

Address :

103 Urvashi Complex, 3 Joara Compound, Indore -452001, Madhya Pradeh, India

Tel. No.:

91-7272-2701985/4082700 (O) 2462493 2404272 ®

Mobile No.:

9827074170/80

Pan No.:

ACHPG3314N

Associates/Subsidiaries :

Name:	Dhanraj Foods Private limited
Address:	147, Tukoganj Road, Dewas, Indore – 455001, Madhya Pradesh, India
Line of Business:	Manufacturer of Agro Products

Name:	Hira international Limited
Address:	147, Tukoganj Road, Dewas, Indore – 455001, Madhya Pradesh, India
Line of Business:	Manufacturer of Agro Products

Name:	Agro Cen Trading Company
Address:	147, Tukoganj Road, Dewas, Indore – 455001, Madhya Pradesh
Line of Business:	Manufacturer of Agro Products

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
738510	Equity Shares	Rs.10/- each	Rs.7.385 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		7.385	7.385	5.383
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		54.242	53.361	34.648
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		61.627	60.746	40.031
LOAN FUNDS
1] Secured Loans		47.442	45.012	50.094
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		47.442	45.012	50.094
DEFERRED TAX LIABILITIES		0.033	0.021	0.022
TOTAL		109.102	105.779	90.147
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.749	0.414	0.430
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	35.663	14.801	33.802
	Sundry Debtors	36.101	106.890	54.397
	Cash & Bank Balances	41.363	2.292	4.390
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.261	0.145	0.076
Total Current Assets		113.388	124.128	92.665
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.811	0.500	0.345
	Other Current Liabilities	5.224	18.263	2.603
	Provisions	0.000	0.000	0.000
Total Current Liabilities		6.035	18.763	2.948
Net Current Assets		107.353	105.365	89.717
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		109.102	105.779	90.147

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	895.405	714.890	670.933
		Other Income	0.090	0.350	0.551
		TOTAL (A)	895.495	715.240	671.484
Less	EXPENSES
		Cost of Goods Sold	854.078	696.742	664.079
		Packing material consumed	5.743	0.084	0.117
		Administration and other expense	7.686	5.509	1.136
		Audit fees	0.020	0.020	0.010
		Director salary	0.500	0.480	0.480
		Director Expense	23.455	7.813	1.832
		TOTAL (B)	891.482	710.648	667.654
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.013	4.592	3.830
Less	FINANCIAL EXPENSES (D)		2.608	3.523	2.916
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.405	1.069	0.914
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.128	0.074	0.088
	PROFIT BEFORE TAX (E-F) (G)		1.277	0.995	0.826
Less	TAX (H)		0.396	0.305	0.257
	PROFIT AFTER TAX (G-H) (I)		0.881	0.690	0..569
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.843	2.153	1.584
	BALANCE CARRIED TO THE B/S		3.724	2.843	2.153
	Earnings Per Share (Rs.)		1.19	0.93	1.06

Particulars	31.03.2012
Sales Turnover(Approximately)	950.000

Expected Sales (2010-2011): Rs.1000.000 Millions

The above information has been parted by Mr. Harish Agrawal

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.10	0.10	0.08
Net Profit Margin (PBT/Sales)	(%)	0.14	0.14	0.12
Return on Total Assets (PBT/Total Assets}	(%)	1.11	0.80	0.89
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.02
Debt Equity Ratio (Total Liability/Networth)		0.87	1.05	1.33
Current Ratio (Current Asset/Current Liability)		18.79	6.62	31.43

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

BUSINESS REVIEW:

The year the Company has earned the profit before tax amounting to Rs.1.277 Millions as compared to the profit of Rs.0.995 Million during the last year

FORM 8

Corporate identity number of the company

U52110MP1998PLC012825

Name of the company

INDRAPRASTH FOODS LIMITED

Address of the registered office or of the principal place of business in India of the company

147, Tukoganj Road, Dewas, Indore – 455001, Madhya Pradesh, India

Email: akmcafiling@gmail.com

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

90203956

Type of charge

· Book debts

· Movable property (not being pledge)

Particular of charge holder

Bank of India, Dewas Branch, Dewas – 455001, Madhya Pradesh, India

Email: Dewas.Ujjain@bankofindia.co.in

Nature of instrument creating charge

1. Agreement of Hypothecation of tangible movable property.

2. Agreement of Hypothecation of Book Debts.

3. Demand Promissory Note.

Date of instrument Creating the charge

16.01.2012

Amount secured by the charge

Rs.75.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

Interest at the rate of 3.50% above Base Rate Presently 14.25% per annum.

Term of Payment:

Repayment on Demand.

Margin

Not Applicable

Extent and operation of the charge

Cash Credit hypothecation Limit of stock of Rs.50.000 Millions

Hypothecation of of whole of the tangible assets of the borrower including in particulars the stock of gram, soyabeen, wheat etc.

Cash Credit Book debts Limit of Rs.25.000 Millions

Hypothecation of of book debts.

Collateral security on overall limit of Rs. 75.000 Millions

EM on land situated at village killod halka survey no. 279/2 Rabka 2.677 Hectare belonging to Guarantor Shri Rajkumar Agrawal.

Short particulars of the property charged (Including location of the property)

EM on land situated at village killod halka survey no. 279/2 Rabka 2.677 Hectar.

Particulars of the present modification

The present limit of Rs.45.000 Millions increased to 75.000 Millions as under

Rs. in Millions

	Existing	Additional	Total
CC hypothecation Limit of stock	30.000	20.000	50.000
CC Book Debts Limit	15.000	10.000	25.000

Fixed Assets:

· Generator

· Machinery

· Kanta Bat

· Furniture

· Computer

· Car

· Godown

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.55.38
UK Pound	1	Rs.87.80
Euro	1	Rs.69.48

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		35

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.