MIRA INFORM REPORT

Report Date :

15.05.2012

IDENTIFICATION DETAILS

Name :	N K PROTEINS LIMITED (w.e.f 27.03.1992)
Formerly Known As :	MARUTI PROTEINS LIMITED
Registered Office :	7^th Floor, Popular House, Ashram Road, Ahmedabad-380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.03.1992
Com. Reg. No.:	04-017403
Capital Investment / Paid-up Capital :	Rs. 64.695 Millions
CIN No.: [Company Identification No.]	U25499GJ1992PLC017403
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Engaged in refining of all types of edible oil i.e. Cottonseed, Corn, Soyabean, Groundnut, Maize, Palm, Palmolien and Sunflower.
No. of Employees :	700 (Approximately)

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 78000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported on 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.

INFORMATION PARTED BY

Name :	Mr. Manish
Designation :	General Manager Finance
Contact No.:	91-79-66309999
Date :	14.05.2012

LOCATIONS

Registered Office :	7^th Floor, Popular House, Ashram Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-66309999
Fax No.:	91-79-66309913/ 66309907
E-Mail :	nkil@nkproteins.com nkpl@icenet.net manishkella@nkproteins.com
Website :	http://www.nkproteins.com
Location :	Owned
Factory :	Plot No. 880, Kadi-Thor Road, Symphony Factory Thor, Kadi, Mehsana, Gujarat, India
Tel. No.:	91-2764-274247 to 249
E-Mail :	info@nkproteins.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Nilesh Keshvlal Patel
Designation :	Managing Director
Address :	13/B, Dariapur Patel Society, Usmanpura, Ahmedabad-380013, Gujarat, India
Date of Birth/Age :	23.03.1965
Qualification :	Graduation
Experience :	18 Years
Date of Appointment :	15.05.1995
DIN No.:	00244115
Name :	Mr. Kamlesh Lalbhai Patel
Designation :	Whole Time Director
Address :	6, Devansh Bunglows, Thaltesj, Ahmedabad-380054, Gujarat, India
Date of Birth/Age :	01.05.1960
Date of Appointment :	01.03.1994
DIN No.:	00244798
Name :	Mr. Nimishbhai Keshvlal Patel
Designation :	Chairman and Managing Director
Address :	41, Ashwamegh Bunglow, Scheme No. 3, Satellite, Ahmedabad-3800015, Gujarat, India
Date of Birth/Age :	19.11.1960
Qualification :	Graduation
Experience :	18 Years
Date of Appointment :	11.01.1996
DIN No.:	00240621
Name :	Mr. Jayesh Pannalal Choksi
Designation :	Vice Chairman
Address :	Siddhi Priya JV and D Scheme, Vile Parle (West), Mumbai-400056, Maharashtra, India
Date of Birth/Age :	29.03.1954
Date of Appointment :	16.06.2001
DIN No.:	00001729

KEY EXECUTIVES

Name :	Mr. Manish Purushottamdas Kella
Designation :	Secretary / General Manager Finance
Address :	6, Aditya Apartment, 20 Jaihind Society, Ranbaug, Maninagar, Ahmedabad – 380008, Gujarat, India
Date of Birth/Age :	17.09.1971
Date of Appointment :	01.03.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sonalben N Patel Jointly with Ashitaben N Patel	3503085
Ashitaben N Patel	238655
Sonalben N Patel	230365
Priyanshi N. Patel	138250
Venushri N. Patel	137770
Vedanshri N. Patel	136720
Priyam N. Patel	136010
K. V. Patel HUF	16500
Nimishbhai K. Patel	134550
Nileshbhai K. Patel	134550
Jayesh P. Choksi	1167375
Pranav J. Choksi	150000
Gomtiben K. Patel	13000
Kamlesh L. Patel	10100
Gomtiben K. Patel	5000
Gomtiben K. Patel	5000
Anant B. Patel	3500
Rekhaben A. Patel	3500
Lalbhai S. Patel	2400
Truptiben K. Patel	1750
Jashmatiben K. Patel	900
Vaishnavi D. Patel	220
Rajvi M. Todi	100
Darshanbhai B. Patel	100
Baldevbhai R. Patel	100
Zircon Fin. and Leasing Private Limited, India	150000
Gufic Limited, India	150000
M/s. Bennett Coleman Company Limited, India	2
Total	6469502

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	4.64
Directors or relatives of Directors	74.29
Other top fifty shareholders	21.07
Total	100.00

BUSINESS DETAILS

Line of Business :	Engaged in refining of all types of edible oil i.e. Cottonseed, Corn, Soyabean, Groundnut, Maize, Palm, Palmolien and Sunflower
Terms :
Selling :	L/C Cash and Credit
Purchasing :	L/C Cash and Credit

GENERAL INFORMATION

Suppliers :

· Shivam Enterprises

· R.S Sales

Customers :

· A A A

No. of Employees :

700 (Approximately)

Bankers :

· Central Bank of India, Ashram Road Branch

· Edelweiss Housing Finance Limited, Edelweiss House, off. CST Road, Kalina, Mumbai – 400098, Maharashtra, India

Facilities :

Working Casitel – Rs. 650.000 Millions

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans banks secured	2.500	47.500
Loans taken for vehicles secured	59.924	70.699
Total	62.424	118.199
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Public deposits unsecured	0.000	4.414
Deposits related parties unsecured	5.250	6.928
Other debt unsecured	(A) 30.555	(B) 25.115
Total	35.805	136.457
Note: (A) Loan From Bodies Corporate + Deposite From Other (B) Loan From Bodies Corporate + Deposite From Other

Banking Relations :	--
Auditor 1 :
Name :	S.R. Batliboi and Associated Chartered Accountant
Address :	2^nd Floor, Shivalik Ishaan, Near CN Vidhyalaya, Ambawadi, Ahmadabad - 380015, Gujarat, India
PAN.:	AABFS3421N
Auditor 2 :
Name :	S V Ghatalia and Associates Chartered Accountants
Address :	2^nd Floor, Shivalik Ishaan, Near CN Vidhyalaya, Ambawadi, Ahemedabad-380015, Gujarat, India
Pan No. :	AACFS6921Q
Enterprises Commonly controlled or influenced by Major Shareholders/ Directors/Key Management personnel of the company and their relatives:	· N. K. Industries Limited · N. K. Roadways Private Limited · N.K. Infraventures Private Limited · N. K. Oil Mills Private Limited · N. K. Corporation, Partnership · N. K. Flour Mills Limited · Tirupati Proteins Private Limited · Tirupati Retails India Private Limited · Adrenal Advertisingand Promotions Private Limited. · Gufic Bioscience Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6469502	Equity Shares	Rs.10/- each	Rs.64.695 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		64.695	64.695	64.695
2] Share Application Money		20.000	0.000	0.000
3] Reserves & Surplus		702.809	527.546	425.596
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		787.504	592.241	490.291
LOAN FUNDS
1] Secured Loans		62.424	118.199	29.897
2] Unsecured Loans		35.805	136.457	123.743
TOTAL BORROWING		98.229	254.656	153.64
DEFERRED TAX LIABILITIES		6.737	0.000	0.000
TOTAL		892.470	846.897	643.931
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		593.279	289.281	196.224
Capital work-in-progress		22.283	19.345	65.238
INVESTMENT		8.523	4.119	1.843
DEFERREX TAX ASSETS		0.000	3.036	6.229
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1219.480	1148.246	402.679
	Sundry Debtors	783.361	321.437	481.648
	Cash & Bank Balances	623.733	359.423	71.792
	Other Current Assets	302.382	155.806	57.374
	Loans & Advances	546.544	388.813	177.108
Total Current Assets		3475.500	2373.725	1190.601
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2978.897	1600.316	623.068
	Other Current Liabilities	98.663	131.604	36.674
	Provisions	129.555	110.689	156.462
Total Current Liabilities		3207.115	1842.609	816.204
Net Current Assets		268.385	531.116	374.397
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		892.470	846.897	643.931

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	28232.047	14510.219	14091.968
		Other Income	754.949	370.127	147.747
		TOTAL (A)	28986.996	14880.346	14239.715
Less	EXPENSES
		Consumption Material Changes Inventories	27542.261	13970.376
		Manufacturing Services Costs	274.416	171.597
		Employee Related Expenses	69.158	45.515
		Administrative Selling Other Expenses	694.184	400.608
		TOTAL (B)	28580.019	14588.096	14027.819
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		406.977	292.250	211.896
Less	FINANCIAL EXPENSES (D)		83.323	84.047	46.485
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		323.654	208.203	165.411
Less/ Add	DEPRECIATION/ AMORTISATION (F)		42.251	40.724	30.493
	PROFIT BEFORE TAX (E-F) (G)		281.403	167.479	134.918
Less	TAX (H)		106.141	655.290	62.528
	PROFIT AFTER TAX (G-H) (I)		175.262	101.950	72.390
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		364.910	262.960	190.570
	BALANCE CARRIED TO THE B/S		540.172	364.910	262.960
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	3926.978	82.381
	TOTAL EARNINGS		NA	3926.978	82.381
	IMPORTS
		Raw Materials	NA	810.047	3.617
	TOTAL IMPORTS		NA	810.047	3.617
	Earnings Per Share (Rs.)		27.09	15.76	11.19

Particulars	31.03.2012
Sales Turnover (Approximately)	25000.000 (Discontinued exports as castor oil)

Expected Sales (2012-2013): Rs.30000.000 Millions

The above information has been parted by Mr. Manish – General Manager Finance

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.60	0.69	0.51
Net Profit Margin (PBT/Sales)	(%)	0.99	1.15	0.96
Return on Total Assets (PBT/Total Assets}	(%)	8.09	7.06	11.33
Return on Investment (ROI) (PBT/Networth)		0.36	0.28	0.28
Debt Equity Ratio (Total Liability/Networth)		4.07	3.11	0.17
Current Ratio (Current Asset/Current Liability)		1.08	1.29	1.46

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Rs. In Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Micro, Small and Medium Enterprise and others	-	-	-
Others	2978.897	1600.316	623.068
Total	2978.897	1600.316	623.068

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	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
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	Yes
30) Major Shareholders, if available	Yes

NATURE OF OPERATIONS

Subject is mainly engaged in refining of all types of edible oils i.e. Cottonseed, Corn, Soyabean, Groundnut, Maize, Palm, Palmolien and Sunflower. Company has also undertaken Soya Seed crushing for deriving edible oil products. Company also deals in non-edible oil products like Castorseed and other products derived from crushing of Castorseed.

OPERATIONS

During the year, turnover is increased to Rs.28232.000 Millions compared to Rs.14510.200 Millions during 2010-11 showing an increase of 94.57 % over the previous year. Although there were volatile price fluctuation and lot of competition both in edible and non-edible business, the Company could increase its profit after providing depreciation and income tax to Rs.175.300 Millions from Rs.102.000 Millions showing an increase of 71.86 % Once the need-based working funds are available from the banking channel, the Company can achieve a substantial growth in turnover and profit.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25499GJ1992PLC017403
Name of the company	N K PROTEINS LIMITED
Address of the registered office or of the principal place of business in India of the company	7^th Floor, Popular House, Ashram Road, Ahmedabad-380009, Gujarat, India Email: nkil@nkproteins.com
This form is for	Creation of charge
Charge identification (ID) number of the charge to be modified	Immovable property
Type of charge
Particular of charge holder	Edelweiss Housing Finance Limited, Edelweiss House, off. C.S.T Road, Kalina, Mumbai – 400098, Maharashtra, India Email: cs@edelcap.com
Nature of instrument creating charge	Home Loan Agreement dated 27.01.2012.
Date of instrument Creating the charge	27.01.2012
Amount secured by the charge	Rs. 31.100 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Variable rate of interest 11% p.a. (Home Loan reference rate 15.5%, Margin 4.5%) Terms of Repayment 168 equated monthly installment Rs.0.363 Millions each. Margin 4.5% Extent and Operation of the charge As per the attached loan agreement.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1203, Tower 'B', Bhagtani Krishaang (M/S. Jaycee Homes Limited.) Powai, Mumbai- 400078.

FIXED ASSETS:

· Freehold Land

· Factory Building

· Office Building

· Plant and Machinery

· Windmill

· Electric Installations

· Furniture and Fixtures

· Office Equipments

· Computers

· Factory Equipments

· Vehicles

· Telephone Installations

· Computer Software

WEBSITE DETAILS

COMPANY PROFILE

Subject was originally incorporated on 27.03.92 in the name of Maruti Proteins Limited. The name of the company was changed to N K Proteins Limited w.e.f 19-02-1993 which is an existing profit making Company, promoted by Shri Nimish K Patel & Shri Nilesh K Patel.

India’s first edible oil company to get accreditation of Food Safety Quality Management Certification of
ISO 22000:5000.

Subject is currently engaged in the business of Refining edible oils viz, Cotton Seed Oil, Palmoilen, Sunflower Oil, Groundnut Oil and Vegetable Oils including seed processing and solvent extraction and trading in edible / non - edible oils.

The promoters started this business in 1992 and have come a long way in establishing the fortune of the N K Group in the past 18 years. The promoters are successfully running the existing business which has a capacity of 450 M.T per day of refining.

Subject markets edible oils under the brand name of “TIRUPATI” which is distributed and sold through the wholesale and retail chain of domestic market. NKPL also supplies refined edible oils to the Government Organization on a regular basis.

Subject is accorded the status of STAR EXPORT HOUSE and is exporting Castor Oil, its derivatives and De-oiled cakes to various countries worldwide.

The present operations of the Company may be broadly categorized under four heads:

· Manufacturing ( Refining )

· Marketing

· Trading

· Exports

The Company, for its trading operations, sources from domestic / international market various vegetable oils in either crude or refined form and sells them either directly or through brokers.

Purchases are made at competitive rates and procured either directly or through brokers. As regards raw materials the Company buys Wash Cottonseed Oil, and Castor seeds from local market and purchases Crude Palm and Soya oil and Sunflower Oil on high seas basis. These are sold in the domestic market after crushing, extraction, and refining or through direct trading. Purchases are made at competitive rates.

Exports are made to various countries worldwide.

MANAGEMENT

Mr. Nimish Patel

Chairman and Managing Director

Has over 25 years of experience in castor oil and edible oil business. He is a visionary and provides direction to the company. He has been instrumental in the company’s growth and is aggressive in his policies and strategies. Apart from the above, he looks after marketing, both domestic and overseas, as well as the finances of companies under the flagship of N K Group of Companies.

Mr. Nilesh Patel

Managing Director

Has over two decades of experience in castor oil and edible oil business. With his in depth knowledge of the market and the analysis based on it, he has developed expertise in the areas of material procurement and marketing. He also looks into the financial aspects of N K Group of Companies.

Mr. Kamlesh Patel

Executive Director

B.E. Electrical. Has over two decades of experience in the field of production of all types of edible oil. He is also responsible for the overall administration and technical operations of the manufacturing unit.

Mr. Jayesh P.Choksi

Vice Chairman

Has over two decades of experience in the field of manufacturing.

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.53.71
UK Pound	1	Rs.86.34
Euro	1	Rs.69.22

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	KVT

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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.