MIRA INFORM REPORT

Report Date :

02.03.2012

IDENTIFICATION DETAILS

Name :	SURAJ IMPEX (INDIA) PRIVATE LIMITED (w.e.f.02.06.1998)
Formerly Known As :	TIRTHANKAR MARKETING PRIVATE LIMITED
Registered Office :	Lakshya, D – 9 Ratlam Kothi, Indore 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.12.1997
Com. Reg. No.:	10-012506
Capital Investment / Paid-up Capital :	Rs.49.750 millions
CIN No.: [Company Identification No.]	U51101MP1997PTC012506
Legal Form :	Private Limited Liability Company
Line of Business :	Traders of soya bean meal, wheat, red split lentile and rapseed meal.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1000000
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. 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

LOCATIONS

Registered Office :	Lakshya, D – 9 Ratlam Kothi, Indore 452001, Madhya Pradesh, India
Tel. No.:	91-731-2525050 / 2527845
Fax No.:	91-731-2528788
E-Mail :	akmcafiling@gmail.com info@surajimpex.com
Website :	http://surajimpex.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Vinod Kumar Jain
Designation :	Director
Address :	D – 9 Ratlam Kothi, Indore 452001, Madhya Pradesh, India
Date of Birth/Age :	01.04.1962
Date of Appointment :	26.11.1998
DIN No.:	00103632

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	U51101MP1997PTC012506	SURAJ IMPEX (INDIA) PRIVATE LIMITED	Managing director	26-11-98	26-11-98	Active	NO
2	U51101MP2008PTC020497	EXCEL FUTURES PRIVATE LIMITED	Director	15-07-10	25-03-08	Active	NO
3	U63023GJ2008PTC052593	TEJAS P. SHETH RICE MILL AND STORAGE PRIVATE LIMITED	Director	20-09-10	03-08-09	Active	NO
4	U63023GJ2008PTC052551	SURESH D. PUNJ SALT AND STORAGE PRIVATE LIMITED	Director	20-09-10	04-08-09	Active	NO
5	U40109MP2010PTC024726	RISHABH POWER PRIVATE LIMITED	Director	12-11-10	12-11-10	Active	NO
6	U70100MP2010PTC024832	SUPER CONSTRUCTION (INDORE) PRIVATE LIMITED	Director	30-09-11	01-12-10	Active	NO
7	U51102MP2006PTC018969	MANIKARAN COMMERCIALS PRIVATE LIMITED	Additional director	26-07-11	26-07-11	Active	NO
8	U45201MP2008PTC020643	MAX REALMART PRIVATE LIMITED	Director	30-09-11	30-09-11	Active	NO
9	U45200MP2007PTC019877	MARVAL ENTERPRISES PRIVATE LIMITED	Director	30-09-11	30-09-11	Active	NO

Name :	Mr. Praveen Vyas
Designation :	Director
	37, Tilak Nagar, Extention Indore, India
Date of Birth/Age :	03.03.1965
Date of Appointment :	15.10.2004
DIN No.:	00103686

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	U51101MP1997PTC012506	SURAJ IMPEX (INDIA) PRIVATE LIMITED	Director	15-10-04	15-10-04	Active	NO
2	U15311MP2009PTC021753	AVI AGRI BUSINESS PRIVATE LIMITED	Director	23-03-09	23-03-09	Active	NO
3	U40109MP2010PTC024726	RISHABH POWER PRIVATE LIMITED	Director	12-11-10	12-11-10	Active	NO
4	U45201MP2008PTC020643	MAX REALMART PRIVATE LIMITED	Director	30-09-11	30-09-11	Active	NO
5	U45200MP2007PTC019877	MARVAL ENTERPRISES PRIVATE LIMITED	Director	30-09-11	30-09-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Vinod Kumar Jain	2610000
Anita Jain	1732500
Shankarlal Jain	132500
V K Jain - HUF	500000
Total	4975000

AS ON 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category		Percentage of Holding
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Traders of soya bean meal, wheat, red split lentile and rapseed meal.

Products :

ITC Code	Product Descriptions
23040030	Soyabean Meal
23064900	Rapeseed Meal
10059000	Maize

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, MID Corporate Branch, Siyaganj, Indore 452001, Madhya Pradesh, India

Facilities :

(Rs. In Millions)

SECURED LOAN	31.03.2011	31.03.2010
Working Capital Loan Bank Secured
	(A)1078.550	(B)473.653
Loans taken for Vehicles Secured	(C)3.968	0.000
Total	1082.518	473.653

Notes:

(A) Working capital loans are secured against hypothecation of all stock in trade including finished goods, book debt and personal guarantee of promoter directors.

(B) Working capital loans are secured against hypothecation of all stock in trade including finished goods, book debt and personal guarantee of promoter directors.

(C) Secured by Specific Charge on the Vehicle purchased from the loan

(Rs. In Millions)

UNSECURED LOAN	31.03.2011	31.03.2010
Loans Directors Unsecured	0.000	1.157
Total	0.000	1.157

Banking Relations :	--
Auditors :
Name :	Ashok Khasgiwala and Company Chartered Accountants
Address :	317, Chetak Centre, Annex, R N T Marg, Indore 452001, Madhya Pradesh, India
PAN No.:	AACFA7732P
Associates :	· Suresh D. Punj Salt And Storage Private Limited · Tejas P. Sheth Rice Mill and Storage Private Limited
Subsidiaries :	Suraj Agri Business Pte. Limited, Singapore

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10 each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4975000	Equity Shares (of the above Equity Shares 3980000 shares were allotted as fully paid up Bonus Shares by capitalization of Profit)	Rs. 10 each	Rs.49.750 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		49.750	49.750	49.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		203.141	174.388	154.219
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		252.891	224.138	203.969
LOAN FUNDS
1] Secured Loans		1082.518	473.653	444.649
2] Unsecured Loans		0.000	1.157	33.845
TOTAL BORROWING		1082.518	474.810	478.494
DEFERRED TAX LIABILITIES		0.506	0.291	0.251
TOTAL		1335.915	699.239	682.714
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.144	6.799	10.816
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		19.026	59.016	17.016
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1109.227	267.638	291.973
	Sundry Debtors	62.206	172.050	197.607
	Cash & Bank Balances	95.143	51.868	48.257
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	309.122	257.708	236.714
Total Current Assets		1575.698	749.264	774.551
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	173.952	38.140	53.162
	Other Current Liabilities	7.351	1.218	1.744
	Provisions	90.650	76.482	64.763
Total Current Liabilities		271.953	115.840	119.669
Net Current Assets		1303.745	633.424	654.882
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1335.915	699.239	682.714

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales		3856.802	7110.855
		Other Income		15.834	8.554
		TOTAL (A)	6636.317	3872.636	7119.409
Less	EXPENSES
		Purchases		3438.515	5577.668
		Increase/(Decrease) in Finished Goods		24.335	536.479
		Administrative Expenses		320.376	873.018
		TOTAL (B)	6592.355 (Including Depreciation and Financial Charges)	3783.226	6987.165
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			89.410	132.244
Less	FINANCIAL EXPENSES (D)			56.304	51.394
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			33.106	80.850
Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.898	0.650
	PROFIT BEFORE TAX (E-F) (G)		43.962	32.208	80.200
Less	TAX (H)		15.179	12.040	28.886
	PROFIT AFTER TAX (G-H) (I)		28.783	20.168	51.314
	EARNINGS IN FOREIGN CURRENCY		NA	3526.294	5830.421
	IMPORTS		NA	52.710	51.405
	Earnings Per Share (Rs.)		5.79	4.05	28.97

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.43	0.52	0.72
Net Profit Margin (PBT/Sales)	(%)	NA	0.83	1.12
Return on Total Assets (PBT/Total Assets}	(%)	2.77	4.25	10.21
Return on Investment (ROI) (PBT/Networth)		0.17	0.14	0.39
Debt Equity Ratio (Total Liability/Networth)		5.36	2.63	2.93
Current Ratio (Current Asset/Current Liability)		5.79	6.46	6.47

LOCAL AGENCY FURTHER INFORMATION

BUSINESS REVIEW:

During the period, the company was able to earn Total Income of Rs.6636.317 Millions. The authorized share capital of the company is Rs.50.000 Millions. The Issued, Subscribed and Fully paid up capital is Rs.49.750 Millions at end of accounting period. The company reported impressive performance during the year and had admits a challenging economic and industrial environment.

FORM 8

Corporate identity number of the company	U51101MP1997PTC012506
Name of the company	SURAJ IMPEX (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Lakshya, D – 9 Ratlam Kothi, Indore 452001, Madhya Pradesh, India E-mail : akmcafiling@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90203884
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Punjab National Bank, MID Corporate Branch, Siyaganj, Indore 452001, Madhya Pradesh, India Email: pnbmcbindr@dataone.in
Nature of instrument creating charge	1. Packing credit agreement (hypothecation) 2. Hypothecation of current assets 3. Letter of continuity
Date of instrument Creating the charge	29.09.2011
Amount secured by the charge	Rs.1100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As Per Agreement Terms of repayment As on Demand Margin As Per Agreement Extent and operation of the charge Hypothecation of stocks of raw material such as soyabean meal/ extraction, rape seed meal/ extraction, and any such other commodities in which the company undertake trading and acceptable to bank and entire book debts of the company. First charge on all the fixed / block assets, both present and future
Short particulars of the property charged (Including location of the property)	First charge on all the fixed / block assets, both present and future. Hypothecation of stocks of raw material such as soyabean meal/ extraction, rape seed meal/ extraction and any such other commodities and entire book debts of the company.
Date of instrument modifying the charge	07.07.2011
Particulars of the present modification	The overall ceiling limit of Rs.1100.000 millions is extended for the period as per the agreement.

FIXED ASSETS:

· Land

· Office Equipments

· Furniture and Fixtures

· Vehicles

· Computer

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.49.15
UK Pound	1	Rs.78.25
Euro	1	Rs.65.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.