MIRA INFORM REPORT

Report Date :

07.07.2012

IDENTIFICATION DETAILS

Name :	PROGRESSIVE EXIM LIMITED
Registered Office :	Shanti Sada 1- Maidan Pathchoubey Colony, Raipur – 492001, Chhattisgrh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.09.1998
Com. Reg. No.:	10-013060
Capital Investment / Paid-up Capital :	Rs.14.010 Millions
CIN No.: [Company Identification No.]	U51101CT1998PLC013060
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Exotic Facts and Solvent Extraction Plant.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 280000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management have failed to file the current year financial details with government department. However trade relations are reported to be fair. Business is active. Payments are slow but correct. The company can be considered for business dealing 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 – 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 :	Shanti Sada 1- Maidan Pathchoubey Colony, Raipur – 492001, Chhattisgrh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sahuanand25@yahoo.co.in adb.company@sify.com
Factory:	Plot No. 952-953, Sector D, Gram Sarora, Urla Industrial Area, Raipur – 493221, Chhattisgarh, India
Tel. No.:	91-771-421661
Mobile No.:	91-9329591163 (Mr. Amit Shrishrimal)
Fax No.:	91-771-4216600

DIRECTORS

As on 30.09.2010

Name :	Mr. Sandeep Shrishrimal
Designation :	Whole tome Director
Address :	A-2, Crown Building, Ashoka Park, Shankar Nagar, Raipur – 492001, , Chhattisgrh, India
Date of Birth/Age :	08.05.1973
Date of Appointment :	14.09.1998
DIN No.:	01494193
Name :	Mrs. Kusum Devi Shrishrimal
Designation :	Whole tome Director
Address :	C-7, Ashok Park Campus, Raipur – 492001, Chhattisgrh, India
Date of Birth/Age :	23.05.1963
Date of Appointment :	11.12.2000
DIN No.:	02395886
Name :	Mr. Amit Kuamr Shrishrimal
Designation :	Whole tome Director
Address :	H. No. 31, M B Building, Gandhi Chowk, Mahasamund – 493445, Chhattisgrh, India
Date of Birth/Age :	09.01.1978
Date of Appointment :	11.02.2000
DIN No.:	01323651

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Amit Shrishrimal	248805
Lila Devi Shrishrimal	175560
Kusum Devi Shrishrimal	173755
Neha Shrishrimal	227335
Sheela Devi Shrishrimal	316160
Deepti Shrishrimal	40565
Galant Export (Private) Limited	58520
Samata Agro. Private Limited	19950
Priti Daga	109725
Sumit Shrishrimal	143260
Sandeep Shrishrimal	106400
Glamptech Agro	156275
Bulchandram Lal Chopda	93100
Arun Kumar Rampuria	66500
Mahendra Shrishrimal	33250
Mahamaya Industries	226100
Win Organics Private Limited	31065
Bhagchand Dhridhrimal	19000
Sudhir Jain	475
Mapss Fats And Proteins Private Limited	516100
Sunshine Infraprojects Private Limited	10000
Smriti Realtech Private Limited	10000
Bhola Motor Finance Private Limited	20000
Surpati Distributors Private Limited	30000
Confident Financial Advisory Private Limited	19000
Trimurthy Infradevelopers Private Limited	7000
Dace Exim Private Limited	20000
Surabhi Infraprojects Private Limited	15000
Juhi Vyapar Private Limited	15000
Total	2907900

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	42.89
Directors or relatives of Directors	51.05
Other top fifty shareholders	6.06
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Exotic Facts and Solvent Extraction Plant.
Products :	Item Code No.	Product Description
	15121901.10	Sunflower Oil
	15079000.10	Soya Edible Oil
	15159011.10	Rice Bran Oil
	15159006	Sal Seed Oil

PRODUCTION STATUS (As on 31.03.2009)

Particulars	31.03.2009
Licensed Capacity	7200 M.T. Per Annum
Installed Capacity	7200 M.T. Per Annum

* Installed Capacity is as Certified By the management

Particulars	Actual Production
Cotton Crude Oil	51.400
Cotton Seed Cake	427.670
Kokum Oil Cake	74.810
Mango Doc	0.000
Mowrah Doc	973.395
Mowrah Crude Oil	514.660

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

IDBI Bank, 104, R.B Tower, Samata Colony, Raipur – 492011, Chhattisgarh, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
Punjab National Bank Term Loan Account	15.341	21.268
Punjab National Bank C/C Account (Secured by hypothecation of Raw materials, WIP, and Finished Goods lying in factory premises, in transit or else where belonging to the company and other current assets and charge on Fixed Assets of the company and personal guarantee and property of the directors and their family members.)	172.593	172.579
ICICI Bank Limited (Vehicle Loan) – Raipur (Secured by Hypothecation of Vehicles financed by itand personal guarantee of the directors)	1.085	1.585
Total	189.019	195.432
Secured Loan	As on 31.03.2010	As on 31.03.2009
From Director	0.000	0.000
Sheela Devi Shrishrimal	5.000	0.000
From Others	0.000	0.000
Batul Oils and Ftcurs Mills, Mumbai	5.000	5.000
MAPSS Fats and Proteins Private Limited	2.850	0.000
Progressive Trading, Raipur	3.500	0.000
Sarita L Golechha	8.200	13.055
Sunil Shrishrimal, Riapur	3.600	0.000
S M J Impex Private Limited, Kolkata	7.500	1.240
Amit Shrishrimal, Raipur	0.000	0.019
Total	35.650	19.313

Banking Relations :	--
Auditors :
Name :	ADB and Comapny Chartered Accountants
Address :	First Floor, Mahavir Gaushala Complx, K K Road, Moudhapara, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-2524821/2888043
Fax No.:	91-771-2524621
E-Mail :	cac23@rediffmail.com
PAN.:	AAFFB2417B
Related Party :	· Progressive Trading · Mapss Fats and Protein Private Limited · Progressive Agro-Tech Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2907900	Equity Shares	Rs.10/- each	Rs.29.079 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1401000	Equity Shares	Rs.10/- each	Rs.14.010 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		14.010	14.010	12.880
2] Share Application Money		0.000	0.000	33.884
3] Reserves & Surplus		56.751	50.043	9.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		70.761	64.053	55.764
LOAN FUNDS
1] Secured Loans		189.019	195.432	195.466
2] Unsecured Loans		35.650	19.313	14.020
TOTAL BORROWING		224.669	214.745	209.486
DEFERRED TAX LIABILITIES		5.617	3.904	1.907
TOTAL		301.047	282.702	267.157
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.350	58.838	49.925
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	228.655	235.759	191.957
	Sundry Debtors	17.084	8.203	10.943
	Cash & Bank Balances	1.273	0.988	6.593
	Other Current Assets	11.458	8.902	6.117
	Loans & Advances	1.665	2.200	16.977
Total Current Assets		260.135	256.052	232.587
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.701	17.862	3.112
	Other Current Liabilities	0.566	11.609	9.021
	Provisions	3.174	2.724	3.232
Total Current Liabilities		18.441	32.195	15.365
Net Current Assets		241.694	223.857	217.222
MISCELLANEOUS EXPENSES		0.003	0.007	0.010
TOTAL		301.047	282.702	267.157

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	551.909	513.174	373.642
		Other Income	11.179	8.847	12.126
		TOTAL	563.088	522.021	385.768
Less	EXPENSES
		Purchase	456.167	471.295	395.154
		Direct Expenses	42.152	35.415	56.252
		Office, General and Administrative Expenses	41.112	46.635	27.443
		Accretions to Stock	7.104	(43.802)	(104.401)
		TOTAL	546.535	509.543	374.448
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		16.553	12.478	11.320
Less/ Add	DEPRECIATION/ AMORTISATION		6.594	3.279	2.094
	PROFIT BEFORE TAX		9.959	9.199	9.226
Less	TAX		3.251	3.210	3.066
	PROFIT AFTER TAX		6.708	5.989	6.160
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	92.507	193.278	199.137
	IMPORTS
		Import on CIF Basis	39.524	0.000	0.00
	Earnings Per Share (Rs.)		4.79	4.58	18.90

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.19	1.15	1.60
Net Profit Margin (PBT/Sales)	(%)	1.80	1.79	2.47
Return on Total Assets (PBT/Total Assets}	(%)	3.83	3.59	3.97
Return on Investment (ROI) (PBT/Networth)		0.14	0.14	0.17
Debt Equity Ratio (Total Liability/Networth)		3.44	3.86	4.03
Current Ratio (Current Asset/Current Liability)		14.11	7.95	15.14

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	No
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	No
10) Designation of contact person	No
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	Yes
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	No
30) Major Shareholders, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51101CT1998PLC013060
Name of the company	PROGRESSIVE EXIM LIMITED
Address of the registered office or of the principal place of business in India of the company	Shanti Sada 1- Maidan Pathchoubey Colony, Raipur – 492001, Chhattisgrh, India Email: sahuanand25@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10270426
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	IDBI Bank, 104, R.B Tower, Samata Colony, Raipur – 492011, Chhattisgarh, India Email: annapurna.patel@idbi.co.in
Nature of instrument creating charge	1. Supplemental Deed of Hypothecation 2. Supplemental Facilities Agreement 3. Entry No. 05
Date of instrument Creating the charge	14.11.2011
Amount secured by the charge	Rs.355.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BBR+300 bps (Present BBR is 10.75%) Terms of Repayment Repayable on Demand Margin C.C. Limit: Stock 25%, Receivable- 30% for C.C., 10% for EPC Letter of Credit : 10% in FDR LER: 10% in FDR Extent and Operation of the charge Principal along with interest, additional interest, liquidated damages, commitment charges, cost and other expenses and other monies payable under their respective heads of agreement/ loan agreements/Letter of sanction.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary: 1st Charge on entire current assets of the Company, both present and future. All that piece of and parcel of Leasehold Industrial Plot in CSDIC Urla Industrial Area bearing Plot No. 952(part) and 953(part) admeasuring 17100 sq. ft. in the name of Company. All that piece and parcel of Industrial plot in CSIDC Urla Industrial Area bearing Plot Nos. 950, 951, 952(part), 953 (part), 954 and 955 total admeasuring 88700 Sq.fts. in the name of company. Collateral: Open diverted land admeasuring 210177 Sqfts (1.93 Hectare) bearing Khno.299/1, PH No.90/143 at village Machewa, Tehsil and Dist. Mahasamund owned by M/s Neha and Company. 2025 Sqfts land bearing Kh No. 335/338 (338/3), PH No. 106 B, Chiruldih, Raipur and building with constructed area 1800 sqft ion GF, 1800 Sqft on FF and 900 sqft on SF owned by M/s Arihant Farms. 11000 sqfts land with constructed area 10500 Sqfts at KH no. 225/338 (part), PH No.106B Chiruldih, Raipur in name of M/s Arihant Farms. 4000 Sqfts land bearing Kh.no. 23/1,24/1 and 24/2 (part), PH No. 106B, Chiruldih, Raipur owned by M/s Arihant Farms. 75000 sq.fts land Kh no. 299/5, PH No. 90/143, Mahasamund owned by Amit Shrishrimal.
Particulars of the present modification	By the present modification credit facilities increased from Rs.280.000 Millions to Rs.355.000 Millions (Additional Working Capital facilities of Rs.75.000 Millions).

Fixed Assets

· Land

· Computer

· Furniture and Fixture

· Plant & Machinery

· Electrical Installation

· Building

· Vehicle (Car)

· Fire Fitting

· Office Equipment

· Miscellaneous Assets

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.55.41
UK Pound	1	Rs.86.04
Euro	1	Rs.68.60

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.