MIRA INFORM REPORT

Report Date :

07.02.2012

IDENTIFICATION DETAILS

Name :	DUNAR FOODS LIMITED
Formerly Known As :	DULI CHAND NARENDER KUMAR EXPORTS PRIVATE LIMITED
Registered Office :	“Meadows”, 811, Sahar Plaza, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.09.1997
Com. Reg. No.:	55-208346
Capital Investment / Paid-up Capital :	Rs.129.654 Millions
CIN No.: [Company Identification No.]	U01111MH1997PLC208346
PAN No.: [Permanent Account No.]	AACCD2928F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Rice.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 7100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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 PARTED BY

Name :	Mr. Gulshan Chawla
Designation :	IT Manager
Contact No.:	91-184-2220701
Date :	24.01.2012

LOCATIONS

Registered Office :	“Meadows”, 811, Sahar Plaza, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-40152772
Fax No.:	91-22-40152768
E-Mail :	gulshan@dunarbasmatirice.com charul@dunarbasmatirice.com kapoorcharul@gmail.com ranjeev@dunarbasmatirice.com
Location :	Owned
Head Office/ Factory :	Near CWC, Village Bazida Road, Karnal - 132001, Haryana, India
Tel. No.:	91-184-2220701/ 02/ 3055772
Fax No.:	91-184-2220703/ 3056722

DIRECTORS

(AS ON 16.09.2011)

Name :

Mr. Surender Gupta

Designation :

Managing Director

Address :

2249, Sector 7, Karnal – 132001, Haryana, India

Date of Birth/Age :

17.11.1971

Date of Appointment :

23.09.1997

DIN No.:

00248622

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	U01111MH1997PLC208346	DUNAR FOODS LIMITED	Managing director	23/07/2010	23/09/1997	-	Active	NO
2	U51909DL2006PTC144334	NS RICEWARES EXPORTS PRIVATE LIMITED	Director	2/1/2006	2/1/2006	-	Active	NO
3	U01403DL2006PTC154486	AGGARSAIN AGRO FARMS PRIVATE LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
4	U15541DL2006PTC154499	DUNAR FOODS AND BEVERAGES PRIVATE LIMITED	Director	28/09/2006	28/09/2006	30/12/2010	Active	NO
5	U01111DL2006PTC154490	DN FOODGRAIN EXPORTS PRIVATE LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
6	U70109DL2006PTC154565	MADHAV ARCADE PRIVATE LIMITED	Director	29/09/2006	29/09/2006	22/03/2008	Active	NO
7	U52599DL2006PTC154576	JAHAN RETAILS AND MARKETING PRIVATE LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
8	U01118DL2007PTC160957	DEVYOG EXPORT PRIVATE LIMITED	Director	22/03/2007	22/03/2007	-	Active	NO
9	U20296DL2007PTC161251	NARMADA CEREAL PRIVATE LIMITED	Director	28/03/2007	28/03/2007	2/9/2011	Active	NO
10	U65999MH2010PTC208839	DULISONS GLOBAL FINVEST PRIVATE LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO

Name :

Mrs. Kanta Gupta

Designation :

Director

Address :

2249, Sector 7, Karnal – 132001, Haryana, India

Date of Birth/Age :

08.04.1969

Date of Appointment :

10.08.2000

DIN No.:

00248714

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	U01111MH1997PLC208346	DUNAR FOODS LIMITED	Director	27/01/2011	23/09/1997	-	Active	NO
2	U51909DL2006PTC144334	NS RICEWARES EXPORTS PRIVATE LIMITED	Director	2/1/2006	2/1/2006	-	Active	NO
3	U51500DL2006PTC153782	SAKSHAM OVERSEAS PRIVATE LIMITED	Director	15/09/2006	15/09/2006	-	Active	NO
4	U51103DL2006PTC154393	MEENAL INTEGRATED MARKETING PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
5	U01111DL2006PTC154490	DN FOODGRAIN EXPORTS PRIVATE LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
6	U70109DL2006PTC154565	MADHAV ARCADE PRIVATE LIMITED	Director	29/09/2006	29/09/2006	24/03/2008	Active	NO
7	U74999DL2007PTC160465	KSM DISTRIBUTORS PRIVATE LIMITED	Director	13/03/2007	13/03/2007	-	Active	NO
8	U01118DL2007PTC160957	DEVYOG EXPORT PRIVATE LIMITED	Director	22/03/2007	22/03/2007	-	Active	NO
9	U65999MH2010PTC208839	DULISONS GLOBAL FINVEST PRIVATE LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO

Name :

Mr. Ranjeev Aggarwal

Designation :

Director

Address :

604/5, Madan Street, Mohan Nagar, Kurukshetra – 132118, Haryana, India

Date of Birth/Age :

01.03.1969

Date of Appointment :

10.12.2010

DIN No.:

02176742

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	U15312DL2005PTC138945	P.D.RICE EXPORT PRIVATE LIMITED	Director	21/07/2005	21/07/2005	30/09/2011	Active	NO
2	U51101DL2005PTC143033	P.D. AGROPROCESSORS PRIVATE LIMITED	Director	28/11/2005	28/11/2005	30/09/2011	Active	NO
3	U70109DL2006PTC154565	MADHAV ARCADE PRIVATE LIMITED	Director	1/9/2008	1/9/2008	-	Active	NO
4	U01111MH1997PLC208346	DUNAR FOODS LIMITED	Whole-time director	10/12/2010	12/11/2010	-	Active	NO

Name :

Ms. Kirti Dua

Designation :

Director

Address :

L-1/275 B, DDA Flats, Kalkaji, New Delhi – 110019, India

Date of Birth/Age :

01.06.1977

Date of Appointment :

26.11.2010

DIN No.:

03332877

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	U01111MH1997PLC208346	DUNAR FOODS LIMITED	Director	27/01/2011	26/11/2010	Active	NO
2	U63040DL2011PTC215771	SPLENDOR TOUREX PRIVATE LIMITED	Director	14/03/2011	14/03/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Gulshan Chawla
Designation :	IT Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 16.09.2011)

Names of Shareholders	No. of Shares
Kanta Gupta	261500
Surender Gupta	1105400
Pista Devi	126100
P. D. Rice Exports (Private) Limited, India	1257500
P. D. Agro Processors (Private) Limited, India	1542500
Saksham Overseas (Private) Limited, India	785000
Dulison Cereals Thru Its Partners – Meenal Aggarwal, Kanta Gupta, Sudhir Agarwal and Pista Devi	1239875
D. F. Foodgrain Exports (Private) Limited, India	675000
Meenal Integrated Marketing (Private) Limited, India	942500
Jahan Retails and Marketing (Private) Limited, India	725000
N S Investments and Associates Thruits Partners – Surender gupta and Kanta Gupta	3535000
Dunar Foods and Beverages (Private) Limited, India	385000
Aggarsain Agro Farms (Private) Limited, India	385000
Total	12965375

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	51.65
Directors or relatives of directors	48.35
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Rice.

Products :

Products Description	Item Code No.
Basmati Rice	100630

· Basmati Rice

· Sella Basmati Rice

· 1121 Basmati Rice

Exports :

Products :

Rice

Countries :

· UAE

· Dubai

· UK

· USA

· Canada

Terms :

Selling :

L/C, Cash and Credit ( days)

Purchasing :

L/C, Cash and Credit ( days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Rice (Sortex)	Qtls.	--	3650000.00	2701523.77

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

200 (Approximately)

Bankers :

· State Bank of India

Karnal Branch, Haryana, India

· State Bank of Patiala

SME, Commercial Branch, N K Tower, G T Road, Panipat – 132103, Haryana, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working capital loans banks secured	5045.830	3518.880
Loans taken for vehicles secured	6.008	7.593
Total	5051.838	3526.473
NOTE: Working capital loans banks secured includes- 1 State Bank of India-Karnal Cash credit (Secured Against Hypothecation of Stock) E.P.C. (Secured Against Hypothecation of Stock) MTL (Secured against Building and Machinery) Book Debts (Secured Against Debtors) SLC 2 State Bank of Patiala-Panipat (i) Cash credit (Secured Against Hypothecation of Stock) (ii) E.P.C. (Secured Against Hypothecation of Stock) (iii) MTL (Secured against Building and Machinery) (iv) Book Debts (Secured Against Debtors) (v) SLC (vi) ADHOC 3 IDBI-Karnal - Cash credit (Secured Against Hypothecation of Stock) 4 Loan Against Stock Pledge and Bills Discounted
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans Directors Unsecured	2.804	3.305
Total	2.804	3.305

Banking Relations :	--
Auditors :
Name :	G. S. Goyal and Associates Chartered Accountant
Address :	M-7, Akarshan Bhawan, 23, Ansari Road, Daryaganj, New Delhi – 110002, India
PAN No.:	AAPPG3303D

CAPITAL STRUCTURE

(AFTER 16.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Share	Rs.10/- each	Rs.220.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16200470	Equity Share	Rs.10/- each	Rs.162.005 Millions

(AS ON 16.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Share	Rs.10/- each	Rs.220.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12965375	Equity Share	Rs.10/- each	Rs.129.654 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Share	Rs.10/- each	Rs.170.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12965375	Equity Share	Rs.10/- each	Rs.129.654 Millions

NOTE:

(A) 170,00,000 Equity Shares of Rs.10/-each

(B) Includes –

a) 1,27,85,075 Equity Shares of Rs.10/- each Fully paid up (P.Y 1,27,85,075 Shares of Rs. 10/- each)

b) 1,80,300 Equity Shares of Rs. 10/- each fully paid for a consideration Other than cash

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		129.654	129.654	128.654
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1637.801	1162.071	825.777
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1767.455	1291.725	954.431
LOAN FUNDS
1] Secured Loans		5051.838	3526.473	2374.874
2] Unsecured Loans		2.804	3.305	2.305
TOTAL BORROWING		5054.642	3529.778	2377.179
DEFERRED TAX LIABILITIES		76.996	50.718	30.500
TOTAL		6899.093	4872.221	3362.110
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1279.507	1054.214	569.890
Capital work-in-progress		8.537	6.282	5.757
INVESTMENT		3.071	0.500	0.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7672.307	3818.295	2761.309
	Sundry Debtors	1006.372	350.829	310.056
	Cash & Bank Balances	54.304	19.169	24.990
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	57.854	39.429	27.117
Total Current Assets		8790.837	4227.722	3123.472
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	3102.200	355.679	271.296
	Other Current Liabilities	25.163	19.857	32.226
	Provisions	55.692	41.255	34.379
Total Current Liabilities		3183.055	416.791	337.901
Net Current Assets		5607.782	3810.931	2785.571
MISCELLANEOUS EXPENSES		0.196	0.294	0.392
TOTAL		6899.093	4872.221	3362.110

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	7726.664	5745.104	4403.713
		Other Income	20.527	13.144	20.428
		TOTAL (A)	7747.191	5758.248	4424.141
Less	EXPENSES
		Consumption Materials Operating Expenses	5738.219	4407.621
		Manufacturing Services Costs	235.287	119.354	3569.832
		Employee Related Expenses	35.175	15.120
		Administrative Selling Other Expenses	332.060	221.104
		TOTAL (B)	6340.741	4763.199	3569.832
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1406.450	995.049	854.309
Less	FINANCIAL EXPENSES (D)		645.084	473.321	454.557
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		761.366	521.728	399.752
Less/ Add	DEPRECIATION/ AMORTISATION (F)		106.908	58.055	35.502
	PROFIT BEFORE TAX (E-F) (G)		654.458	463.673	364.250
Less	TAX (H)		178.728	136.379	105.443
	PROFIT AFTER TAX (G-H) (I)		475.730	327.294	258.807
	EARNINGS IN FOREIGN CURRENCY		4007.176	2901.619	2050.000
	IMPORTS
		Capital Goods	59.130	56.487	86.500
	TOTAL IMPORTS		59.130	56.487	86.500
	Earnings Per Share (Rs.)		36.69	25.42	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.14	5.68	5.85
Net Profit Margin (PBT/Sales)	(%)	8.47	8.07	8.27
Return on Total Assets (PBT/Total Assets}	(%)	6.50	8.78	9.86
Return on Investment (ROI) (PBT/Networth)		0.37	0.36	0.38
Debt Equity Ratio (Total Liability/Networth)		4.66	3.06	2.84
Current Ratio (Current Asset/Current Liability)		2.76	10.14	9.24

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
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	No
Capital in the business	No
Details of sister concerns	-----
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	-----
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

NOTE:

The Registered Office of the company has been shifted from E-254, Greater Kailash – II, New Delhi – 110048, India, to the present address w.e.f. 23.08.2010.

DESCRIPTION OF STATE OF COMPANIES AFFAIR

The Company’s turnover and other income increased by 34.54% and PBT increased by 41.15% over the previous year. They are pleased to declare that even during the year, the Company increased its basmati processing capacity by installing 12 MT/PH rice processing plant in Amritsar. The Company has plans of infusing funds through Private Equity Funds in coming financial year for the expansion of production capacity and storage facilities.

CONTINGENT LIABILITIES

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Income Tax	5.238	0.000
Letter of Credit / Bill Discounting/ Bank Guarantee	70.674	196.930

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicles

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.48.68
UK Pound	1	Rs.76.75
Euro	1	Rs.63.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.