MIRA INFORM REPORT

Report Date :

02.10.2012

IDENTIFICATION DETAILS

Name :	CHAROEN POKPHAND (INDIA) PRIVATE LIMITED
Registered Office :	47/D3, Gandhi Mandapam Road, 85, Kottupuram, Chennai – 600085, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.06.1997
Com. Reg. No.:	18- 38419
Capital Investment / Paid-up Capital :	Rs.620.687 Millions
CIN No.: [Company Identification No.]	U01211TN1997PTC038419
TAN No.: [Tax Deduction & Collection Account No.]	CHEC02267G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Live Poultry and Poultry Feed.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (59)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3690000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track, financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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.

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	ICRA
Rating	A2+ [Short Term Bank Facility]
Rating Explanation	Strong degree of safety. It carry low credit risk.
Date	17.09.2012

Rating Agency Name	ICRA
Rating	A – [Long Term Bank Facility]
Rating Explanation	Adequate degree of safety. It carry low credit risk.
Date	17.09.2012

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.

INFORMATION DECLINED

Management non co-operative [91-44-26419545]

LOCATIONS

Registered Office :	47/D3, Gandhi Mandapam Road, 85, Kottupuram, Chennai – 600085, Tamilnadu, India
Tel. No.:	91-44-24470790/ 24470897/ 24475578
Fax No.:	91-44-24472880
E-Mail :	cp_mds@satyam.net.in cp_ho@rediffmail.com vitoon@mycpindia.com
Website:	www.mycpindia.com
Head Office :	Flat No. 1, Riya Apartments, 38/39, Nrupatunga Road, Behind Petrol Bunk, Virgonar Post, Bhattarahalli, Bangalore – 560049, India
Factory :	No. 130, Opposite Grindwell, Budigere Road, Bangalore, Karnataka, India
Tel No.:	91-80-28472195
Fax No.:	91-80-28472662
Corporate Office :	104, G N T Road, Nallur and Vijaynallur Village, Sholavaram Post, Red Hills, Chennai-600 067, Tamilnadu, India
Tel. No.:	91-44-26419465/67/68/264195/45/46/47
Fax No.:	91-44-26419466/9544

DIRECTORS

AS ON 29.09.2011

Name :

Mr. Prasert Poongkumarn

Designation :

Director

Address :

47/D3, Gandhi Mandapam Road, Kotturpuram, Chennai-600 085, Tamilnadu, India

Date of Birth/Age :

12.03.1936

Date of Appointment :

16.06.1997

Din No.:

03152058

Name :

Mr. Vitoon Kittimongkolsuk

Designation :

Director

Address :

47/D3, Gandhi Mandapam Road, Kotturpuram, Chennai-600 085, Tamilnadu, India

Date of Birth/Age :

03.12.1964

Qualification :

B.A.

Date of Appointment :

23.02.2004

Din No.:

00326042

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	Company/ LLP Status	Defaulting status
1	U01122KA2003PTC032801	CHAROEN POKPHAND SEEDS (INDIA) PRIVATE LIMITED	Director	29/10/2003	29/10/2003	Active	NO
2	U01211TN1997PTC038419	CHAROEN POKPHAND (INDIA) PRIVATE LIMITED	Director	23/02/2004	23/02/2004	Active	NO

Name :

Adirek Sripratak

Designation :

Director

Address :

47/D3, Gandhi Mandapam Road, Kotturpuram, Chennai-600 085, Tamilnadu, India

Date of Birth/Age :

18.07.1946

Date of Appointment :

23.02.2004

Din No.:

03129737

Name :

Chunwong Preeda

Designation :

Director

Address :

47/D3, Gandhi Mandapam Road, Kotturpuram, Chennai-600 085, Tamilnadu, India

Date of Birth/Age :

23.01.1963

Qualification :

B.Sc.

Date of Appointment :

03.05.2006

Din No.:

00898137

Name :

Monrti Suwanposri

Designation :

Director

Address :

69/57, Village No.6, Jomthong Sub district, Bankok, Thailand

Date of Birth/Age :

12.02.1962

Date of Appointment :

01.04.2010

Din No.:

02955771

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	Company/ LLP Status	Defaulting status
1	U01211TN1997PTC038419	CHAROEN POKPHAND (INDIA) PRIVATE LIMITED	Director	27/09/2010	01/04/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Charoen Pokphand Industry Company Limited, Thailand	44193058
Charoen Pokphand Food Public Company Limited, Thailand	17875676
TOTAL	62068734

AS ON 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of Live Poultry and Poultry Feed.

Products :

ITC CODE	PRODUCT DESCRIPTION
01059200	Live Poultry
23099000	Poultry feed

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Feed	Kgs.	204000000	--
Poultry Feed	Kgs.	--	247906020
Prawn Feed	Kgs.	--	106048640

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of America, Chennai, Tamilnadu, India
• HDFC Bank Limited, Mariam Centre, 751-B, Anna Salai, Chennai – 600002, Tamilnadu, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
• Krung Thai Bank

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans	1380.000	0.000
Working capital loans	0.000	400.000
TOTAL	1380.000	400.000

Banking Relations :	--
Auditors :
Name :	Kurien and Company Chartered Accountants
Address :	1C, Queens Court, 6/102, Monieth Road, Egmore, Chennai – 600008, Tamilnadu, India
Tel. No.:	91-44-28554447/ 28554019
Fax No.:	91-44-28553521
E-Mail :	office@kapasi.net
PAN No:	AAAFK0778M
Holding Company :	Charoen Pokphand Industry Company Limited
Ultimate Holding Company :	Charoen Pokphand Foods Public Company Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
63000000	Equity Shares	Rs.10/- each	Rs.630.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
62068734	Equity Shares	Rs.10/- each	Rs.620.687 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		620.687	620.687	620.687
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		303.629	1605.899	992.071
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		924.316	2226.586	1612.758
LOAN FUNDS
1] Secured Loans		1380.000	400.000	300.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1380.000	400.000	300.000
DEFERRED TAX LIABILITIES		66.262	56.520	55.504
TOTAL		2370.578	2683.106	1968.262
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1244.944	905.032	879.162
Capital work-in-progress		919.317	208.084	20.891
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2445.271	1679.521	1090.579
	Sundry Debtors	38.977	59.257	72.743
	Cash & Bank Balances	942.667	555.284	227.465
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	524.114	90.785	68.627
Total Current Assets		3951.029	2384.847	1459.414
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	552.804	301.531	245.169
	Other Current Liabilities	507.265	396.506	96.618
	Provisions	2684.643	116.820	49.418
Total Current Liabilities		3744.712	814.857	391.205
Net Current Assets		206.317	1569.990	1068.209
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2370.578	2683.106	1968.262

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	6898.041	4281.653
		Other Income	NA	8.965	4.448
		TOTAL	NA	6907.006	4286.101
Less	EXPENSES
		TOTAL	NA	5964.191	3915.950
	PROFIT / (LOSS) BEFORE TAX		1807.455	942.815	370.151
Less	TAX		620.970	328.986	129.544
	PROFIT / (LOSS) AFTER TAX		1186.485	613.829	240.607
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1605.900	NA	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	279.246	NA	NA
		Dividend Distribution Tax	347.384	NA	NA
		Proposed Dividend	2141.371	NA	NA
	BALANCE CARRIED TO THE B/S		24.384	NA	NA
	IMPORTS
		Raw Materials	501.173	529.948	247.973
		Stores & Spares	30.885	18.082	9.445
		Capital Goods	673.624	7.573	0.752
		Finished Goods	1.678	0.000	0.000
		Others	0.000	0.000	4.164
	TOTAL IMPORTS		1207.360	555.603	262.334
	Earnings / (Loss) Per Share (Rs.)		19.12	9.89	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	8.89	5.61
Net Profit Margin (PBT/Sales)	(%)	NA	13.67	8.65
Return on Total Assets (PBT/Total Assets}	(%)	34.79	28.66	15.83
Return on Investment (ROI) (PBT/Networth)		1.96	0.42	0.23
Debt Equity Ratio (Total Liability/Networth)		5.54	0.55	0.43
Current Ratio (Current Asset/Current Liability)		1.05	2.93	3.96

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 two 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	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BUSINESS EXPANSION:

The Company has expanded its business operations by constructing Feed mills at Pune in Maharashtra and Chittoor in Andhra Pradesh and by establishing Breeder and Hatchery operations at Pune in Maharashtra, Vellore in Tamil Nadu and at Hyderabad in Andhra Pradesh. The Company has purchased land for this purpose and construction operations are in swing.

The Company has already expanded its Feedmill operations in Punjab and Haryana. Further the Company has plans to extend its operations at West Bengal for which the process of feasibility survey and other relevant operations are in full swing. The Company’s growth and progress and the Company is expected to achieve high profit levels in the years to come.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U01211TN1997PTC038419
Name of the company	CHAROEN POKPHAND (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	47/D3, Gandhi Mandapam Road, 85, Kottupuram, Chennai – 600085, Tamilnadu, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Email: satish.ramanathan@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Hypothecation of Stock and Book Debts
Date of instrument Creating the charge	14.02.2012
Amount secured by the charge	Rs.400.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Any such rate as may be advised by the bank to the company from time to time in respect of the credit facilities Terms of Repayment Repayable on demand Margin As may be prescribed by the bank from time to time for the credit facilities. Extent and Operation of the charge Exclusive Charge on all movable stocks and Book debts both present and future.
Short particulars of the property charged	Hypothecate by way of exclusive charge on all movable Stocks and Book Debts both present and future.

FIXED ASSETS:

§ Land

§ Factory Building

§ Other Building

§ Furniture and Fittings

§ Plant and Machinery

§ Production Systems

§ Energy Systems

§ Air Conditioner

§ Office Equipment

§ Computers

§ Vehicles

§ Motor car

§ Motor Cycle

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 e 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.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.79

INFORMATION DETAILS

Information Gathered by :	SLP
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		59

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.