MIRA INFORM REPORT

Report Date :

28.01.2012

IDENTIFICATION DETAILS

Name :	SUNFRESH SOYA OILS REFINERIES LIMITED [w.e.f. 14.05.2010]
Formerly Known As :	PRABHAT SOYA OILS REFINERIES LIMITED
Registered Office :	Gat No. 115, Nirmal Nagar, At Post Tilak Nagar, Ranjankhol, Taluka Rahata, Ahmednagar-413720, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.02.2008
Com. Reg. No.:	11-131439
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U15142PN2008PLC131439
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of retail soya and soya oil and byproducts from the extracts in the refinery.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commenced business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2008. The company is yet to commence it commercial operations. Payments are unknown. The company can be considered for business dealings on a secured 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

LOCATIONS

Registered Office :	Gat No. 115, Nirmal Nagar, At Post Tilak Nagar, Ranjankhol, Taluka Rahata, Ahmednagar-413720, Maharashtra, India
Tel. No.:	91-2422-645904/645905/645906/645907
Fax No.:	91-2422-265816
E-Mail :	ajay.topale@prabhatfresh.co.in sunfreshsoya@prabhatfresh.co.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Sarangdhar Ramchandra Nirmal

Designation :

Director

Address :

Nirmal Nagar, At Post Ranjankhol, Taluka Shrirampur, District Ahmednagar-413720, Maharashtra, India

Date of Birth/Age :

01.06.1956

Date of Appointment :

18.02.2008

Din No.:

00035234

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	U15203PN1998PTC013068	PRABHAT DAIRY PRIVATE LIMITED	Managing director	25-11-98	25-11-98	Active	NO
2	U01122PN2007PLC130915	PRABHAT AGRI PROJECT DEVELOPMENT LIMITED	Director	26-10-07	26-10-07	Active	NO
3	U15142PN2008PLC131439	SUNFRESH SOYA OILS REFINERIES LIMITED	Director	18-02-08	18-02-08	Active	NO
4	U15400PN2010PTC136435	ANNAPURNA HEALTH FOOD AND AGRO PRODUCTS PRIVATE LIMITED	Director	31-05-10	31-05-10	Active	NO
5	U74999PN2011NPL140813	SHRIRAMPUR ENTREPRENEURS ASSOCIATION	Director	19-09-11	19-09-11	Active	NO

Name :

Mr. Kishor Ramchandra Nirmal

Designation :

Director

Address :

Nirmal Nagar, At Post Ranjankhol, Taluka Shrirampur, District Ahmednagar-413720, Maharashtra, India

Date of Birth/Age :

01.01.1966

Date of Appointment :

18.02.2008

Din No.:

00035309

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	U15203PN1998PTC013068	PRABHAT DAIRY PRIVATE LIMITED	Whole-time director	29-09-07	26-02-00	Active	NO
2	U15142PN2008PLC131439	SUNFRESH SOYA OILS REFINERIES LIMITED	Director	18-02-08	18-02-08	Active	NO
3	U15122PN2010PTC136573	CORNTILA FOOD AND PACKAGING PRIVATE LIMITED	Director	14-06-10	14-06-10	Active	NO

Name :

Mr. Arvind Jagannath Nirmal

Designation :

Director

Address :

Central Bank Colony, Behind Ashoka Hotel, Sangamner Road, Shrirampur, Ahmednagra-413720, Maharashtra, India

Date of Birth/Age :

17.08.1978

Date of Appointment :

18.02.2008

Din No.:

00035363

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	U15203PN1998PTC013068	PRABHAT DAIRY PRIVATE LIMITED	Whole-time director	29-09-07	25-11-98	Active	NO
2	U15142PN2008PLC131439	SUNFRESH SOYA OILS REFINERIES LIMITED	Director	18-02-08	18-02-08	Active	NO
3	U15200PN2009PTC134859	PRABHAT NUTRITIOUS AND FROZEN FOOD INDUSTRIES PRIVATE LIMITED	Director	30-09-11	21-10-09	Active	NO

Name :

Mr. Vivek Sarangdhar Nirmal

Designation :

Director

Address :

At Post Ranjankhol, Tal Rahata, Ahmednagar-413720, Maharashtra, India

Date of Birth/Age :

16.08.1983

Date of Appointment :

21.03.2011

Din No.:

00820923

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	U01122PN2007PTC129505	SUNFRESH AGRO INDUSTRIES PRIVATE LIMITED	Director	22-01-07	22-01-07	Active	NO
2	U01122PN2007PLC130915	PRABHAT AGRI PROJECT DEVELOPMENT LIMITED	Director	26-10-07	26-10-07	Active	NO
3	U15209PN2010PTC136135	CHEESE LAND AGRO (INDIA) PRIVATE LIMITED	Director	22-04-10	22-04-10	Active	NO
4	U15200PN2010PTC137025	PRABHAT MILK AND AGRO INDUSTRIES PRIVATE LIMITED	Director	03-08-10	03-08-10	Active	NO
5	U15142PN2008PLC131439	SUNFRESH SOYA OILS REFINERIES LIMITED	Director	30-09-11	21-03-11	Active	NO

Name :

Mrs. Nidhi Vivek Nirmal

Designation :

Director

Address :

At Post Ranjankhol, Tal Rahata, Ahmednagar-413720, Maharashtra, India

Date of Birth/Age :

16.09.1984

Date of Appointment :

21.03.2011

Din No.:

02996689

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	U15139PN2006PTC128512	FEELFRESH AGRO PRIVATE LIMITED	Director	30-09-10	17-04-10	08-03-11	Active	NO
2	U15209PN2010PTC136135	CHEESE LAND AGRO (INDIA) PRIVATE LIMITED	Director	22-04-10	22-04-10	-	Active	NO
3	U01122PN2007PTC129505	SUNFRESH AGRO INDUSTRIES PRIVATE LIMITED	Director	29-09-11	25-02-11	-	Active	NO
4	U15142PN2008PLC131439	SUNFRESH SOYA OILS REFINERIES LIMITED	Director	30-09-11	21-03-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	Address of shareholders	No. of Shares
Sarangdhar Ramchandra Nirmal	Nirmal Nagar, At Post Ranjankhol, Taluka Shrirampur, District Ahmednagar-413720, Maharashtra, India	10000
Kishor Ramchandra Nirmal	Nirmal Nagar, At Post Ranjankhol, Taluka Shrirampur, District Ahmednagar-413720, Maharashtra, India	10000
Arvind Jagannath Nirmal	Central Bank Colony, Behind Ashoka Hotel, Sangamner Road, Shrirampur, Ahmednagra-413720, Maharashtra, India	10000
Vivek Sarangdhar Nirmal	At Post Ranjankhol, Tal Rahata, Ahmednagar-413720, Maharashtra, India	10000
Anil Tarachand Kadu	At Post Pathare Bk. Tal Rahata, District Ahmednagar, Maharashtra, India	4000
Vijay Mohan Harde	At Post Deolali Pravara, Tal Rahata, District Ahmednagar, Maharashtra, India	3000
Vijaya Sarangdhar Nirmal	At Ranjankhol, Post Tilak Nagar, Tal Rahata, District Ahmednagar, Maharashtra, India	3000
Total		50000

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of retail soya and soya oil and byproducts from the extracts in the refinery.

GENERAL INFORMATION

Bankers :

State Bank of India

Facilities :

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Feelfresh Agro Private Limited	0.200	0.000
Prabhat Dairy Private Limited	12.244	0.000
Sunfresh Agro Industries Private Limited	12.338	0.000
Unsecured loan	0.025	0.466
Total	24.807	0.466

Banking Relations :	--
Auditors :
Name :	Shashank Suvarnapathaki and Company Chartered Accountants
Address :	3801, Barde Lane, Navi Peth, Ahmednagar-414001, Maharashtra, India
Pan No.:	AONPS9755F

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

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		0.500	0.500	0.500
2] Share Application Money		0.160	0.160	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.660	0.660	0.500
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		24.807	0.466	0.000
TOTAL BORROWING		24.807	0.466	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		25.467	1.126	0.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.110	0.000	0.000
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	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.009	0.107	0.094
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.025	0.025	0.006
Total Current Assets		0.034	0.132	0.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.007	0.000	0.007
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.034	0.017	0.015
Total Current Liabilities		0.041	0.017	0.022
Net Current Assets		(0.007)	0.115	0.078
MISCELLANEOUS EXPENSES		1.364	1.011	0.422
TOTAL		25.467	1.126	0.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	0.000	0.000	0.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses	0.000	0.000	0.000
		Advertising Expenses
		TOTAL	0.000	0.000	0.000
	PROFIT BEFORE TAX		0.000	0.000	0.000
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		0.000	0.000	0.000
	Earnings Per Share (Rs.)		0.00	0.00	0.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.00	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		37.65	0.73	0.04
Current Ratio (Current Asset/Current Liability)		0.83	7.76	4.55

LOCAL AGENCY FURTHER INFORMATION

OPERATING REVIEW:

The directors are hopeful that the activities will start in the next year.

COMPANY OVERVIEW:

Subject is a limited company engaged in the business of retail soya and soya oil and byproducts from the extracts in the refinery.

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 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.49.65
UK Pound	1	Rs.77.80
Euro	1	Rs.65.05

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		12

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.