MIRA INFORM REPORT

Report Date :

20.11.2012

IDENTIFICATION DETAILS

Name :	AGRO SOLVENT PRODUCTS PRIVATE LIMITED
Registered Office :	2^ndFloor, Gopal Bhawan, Sanjay Complex, Gwalior-474009, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.05.1982
Com. Reg. No.:	10-001976
Capital Investment / Paid-up Capital :	Rs. 8.802 Millions
CIN No.: [Company Identification No.]	U15141MP1982PTC001976
TAN No.: [Tax Deduction & Collection Account No.]	BPLA00391G
PAN No.: [Permanent Account No.]	AACCA7855L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Edible Oil, Feed Additives, Soya Lecithin and Acid Oil
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 moderate track. The latest financials of the company are not made available As per previous year, the company is found to be performing well. Trade relations are reported to be decent. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB+ : LONG TERM BANK FACILITIES
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	28.09.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	2^ndFloor, Gopal Bhawan, Sanjay Complex, Gwalior-474009, Madhya Pradesh, India
Tel. No.:	91-751-2323960 / 2320419
Fax No.:	91-751-2320368
E-Mail :	agrosolvent@agrosolvent.com sureskhalra|@agroslavent.com
Website :	http://www.agrosolvent.com
Factory :	Govind Niwas, Datia-475661, Madhya Pradesh, India
Tel. No.:	91-7522-237503
Fax No.:	91-7522-401275

DIRECTORS

As on: 04.07.2012

Name :

Mr. Suresh Kalra

Designation :

Chairman cum Managing Director

Address :

A/24, Basant Vihar, Gwalior-474002, Madhya Pradesh

Date of Birth/Age :

10.11.1950

Qualification :

B. E. (Ele)

Experience :

27 Years

Date of Appointment :

26.05.1982

DIN No.:

00711192

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15141MP1982PTC001976	AGRO SOLVENT PRODUCTS PRIVATE LIMITED	Managing director	26-05-82	26-05-82	-	Active	NO
2	U64202MP2000PTC014373	ASPL IMPEX PRIVATE LIMITED	Director	05-09-00	05-09-00	-	Active	NO
3	U72200MP2001PTC014870	SYSTEMS LIFECYCLE PRIVATE LIMITED	Director	08-11-01	08-11-01	14-02-08	Active	NO

Name :

Mr. Mahesh Kumar Malhotra

Designation :

Whole Time Director

Address :

Bhajanjeet Colony, Datia-475661, Madhya Pradesh, India

Date of Birth/Age :

07.04.1952

Date of Appointment :

30.11.1989

DIN No.:

00206082

Name :

Mr. Jayant Kothari

Designation :

Whole Time Director

Address :

129, Malviya Nagar, Bhopal-462003, Madhya Pradesh

Date of Birth/Age :

02.11.1951

Date of Appointment :

31.08.1993

DIN No.:

00074306

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15141MP1982PTC001976	AGRO SOLVENT PRODUCTS PRIVATE LIMITED	Director	31-08-93	31-08-93	-	Active	NO
2	U64202MP2000PTC014373	ASPL IMPEX PRIVATE LIMITED	Director	26-10-00	26-10-00	-	Active	NO
3	U72200MP2001PTC014870	SYSTEMS LIFECYCLE PRIVATE LIMITED	Director	26-02-02	26-02-02	22-04-08	Active	NO
4	L74999PN1990PLC059566	ATHARV ENTERPRISES LIMITED	Additional director	29-12-10	29-12-10	12-07-11	Active	NO

Name :

Mr. Shyam Swaroop Shukla

Designation :

Director

Address :

B-9, Purshottam Vihar, Golaka Mandir, Gwalior-474005, Madhya Pradesh, India

Date of Birth/Age :

05.08.1946

Date of Appointment :

17.05.2008

DIN No.:

01311989

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 04.07.2012

Names of Shareholders	No. of Shares
Suresh Kalra	55190
Sarita Kalra	19600
Mahesh Kumar Malhotra	10
Shamit Kalra	6600
Ankit Kalra	5600
Suresh Kalra HUF	1000
Jayant Kothari	5
DharamPal Kahnna	5
Shyam Swaroop Shukla	5
Total	88015

Equity Share Break up (Percentage of Total Equity)

As on: 04.07.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Edible Oil, Feed Additives, Soya Lecithin and Acid Oil

PRODUCTION STATUS [As on 31.03.2011]

Particulars	Unit	Licensed and Installed Capacity
Solvent	MT	332000
Refinery	MT	30000
Wind Power Generation	MW	3.20

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, City Centre, Gwalior - 474012, Madhya Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Cash Credit Account (secured by first charge over company’s entire fixed assets including factory land and building and hypothecation of stocks of materials, Stores Spares, Finished Goods etc. including items in transit and all book debts receivables and also guarantee by the managing director)	573.606	275.987
SBI Term Loan (Secured by hypothecation of WEGs and collateral security as first charges over company’s entire fixed assets by way a hypothecation of movable assets and equitable mortgaged of fixed assets and also secured by personal guarantee of director)	102.674	130.890
Total	676.280	406.877
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors and Shareholders	21.709	12.957
Total	21.709	12.957

Banking Relations :	--
Auditors :
Name :	Saboo and Company Chartered Accountants
Address :	Saboo Bhawan, Naya Bazar, Gwalior-4174009, Madhya Pradesh, India
Tel. No.:	91-751-2325664
Mobile No.:	91-9200375310
E-Mail :	sks1944@yahoo.com
PAN No.:	AHIPS2376L
Associates :	Systems Life Cycle Private Limited CIN : U72200MP2001PTC014870 ASPL Impex Private Limited

CAPITAL STRUCTURE

As on: 04.07.2012

Authorised Capital:

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
88015	Equity Shares	Rs.100/- each	Rs. 8.802 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		8.802	8.802	8.802
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		465.416	383.552	328.690
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		474.218	392.354	337.492
LOAN FUNDS
1] Secured Loans		676.280	406.877	14.357
2] Unsecured Loans		21.709	12.957	20.750
TOTAL BORROWING		697.989	419.834	35.107
DEFERRED TAX LIABILITIES		27.069	16.669	0.000
TOTAL		1199.276	828.857	372.599
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		265.256	250.199	53.004
Capital work-in-progress		1.685	0.000	1.073
INVESTMENT		15.959	11.582	8.768
DEFERREX TAX ASSETS		0.000	0.000	4.550
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	832.240	418.323	312.869
	Sundry Debtors	213.461	200.676	10.559
	Cash & Bank Balances	7.453	6.051	54.508
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	79.067	45.613	108.733
Total Current Assets		1132.221	670.663	486.669
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	160.489	63.421	71.393
	Other Current Liabilities	31.454	23.651	37.425
	Provisions	23.902	16.515	72.647
Total Current Liabilities		215.845	103.587	181.465
Net Current Assets		916.376	567.076	305.204
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1199.276	828.857	372.599

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		2752.287	3208.467
		Other Income		42.634	25.450
		TOTAL (A)	3747.573	2794.921	3233.917
Less	EXPENSES (B)		3568.262	2660.273	3000.979
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		179.311	134.648	232.938
Less	FINANCIAL EXPENSES (D)		41.780	27.226	18.876
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		137.531	107.422	214.062
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.176	13.818	8.194
	PROFIT BEFORE TAX (E-F) (G)		117.355	93.604	205.868
Less	TAX (H)		34.978	38.227	71.591
	PROFIT AFTER TAX (G-H) (I)		82.377	55.377	134.277
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		230.738	185.876	102.628
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	10.000	50.000
		Proposed Dividend	0.440	0.440	0.880
		Dividend Distribution Tax	0.073	0.075	0.150
	BALANCE CARRIED TO THE B/S		302.602	230.738	185.875
	EARNINGS IN FOREIGN CURRENCY		1376.190	1065.392	NA
	Earnings Per Share (Rs.)		935.94	629.18	1525.620

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.20	1.98	4.15
Net Profit Margin (PBT/Sales)	(%)	NA	3.41	6.42
Return on Total Assets (PBT/Total Assets}	(%)	8.40	10.16	38.15
Return on Investment (ROI) (PBT/Networth)		0.25	0.24	0.61
Debt Equity Ratio (Total Liability/Networth)		1.93	1.33	0.64
Current Ratio (Current Asset/Current Liability)		5.24	6.47	2.68

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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 involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

YEAR IN RETROSPECT:

This year the company has performed well with the record highest turnover which has increased 25.42 over last year’s turnover. The total turnover of the Company has increased to Rs. 3747.537 from Rs. 2794.921 millions in the last financial year. However, the 4 WEGs of 3.2 MW capacity installed by the company during the year 2009-10 have not performed to the expectation due to poor flow of natural wind.

FIXED ASSETS

· Freehold Land

· Buildings

· Plant and Machinery

· Vehicles

· Factory Equipments

· Furniture and Fixtures

· Computer

· Office Equipments

· 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. 54.97
UK Pound	1	Rs. 87.50
Euro	1	Rs. 70.16

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.