MIRA INFORM REPORT

Report Date :

14.09.2012

IDENTIFICATION DETAILS

Name :	BALAJI GRAINS PRIVATE LIMITED
Registered Office :	G-3, 1^st Floor, Lawrence Road, Industrial Area, New Delhi-110035
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.07.2004
Com. Reg. No.:	55-127552
Capital Investment / Paid-up Capital :	Rs.8.582 Millions
CIN No.: [Company Identification No.]	U15311DL2004PTC127552
TAN No.: [Tax Deduction & Collection Account No.]	DELB07842C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Food Grains and Pulses.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 68000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears slight dip in the profitability. However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for business dealing at usual trade terms and condition.

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

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 :	G-3, 1^st Floor, Lawrence Road, Industrial Area, New Delhi-110035, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	bhatiaakb@gmai.com
Branch Office :	2258, Gali Raghunandan, Naya Bazar, New Delhi-110006, India
Tel. No.:	91-11-23908844
Fax No.:	91-11-23952505

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Manmohan Singh Rathore

Designation :

Director

Address :

CU-37, Vishaka Enclave, Pitampura, New Delhi-110088, India

Date of Birth/Age :

10.07.1983

Date of Appointment :

22.11.2004

Din No.:

01599343

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	U15311DL2004PTC127552	BALAJI GRAINS PRIVATE LIMITED	Director	13/07/2004	13/07/2004	Active	NO
2	U01403DL2010PTC208996	BALAJI AGRIIMPEX PRIVATE LIMITED	Director	04/11/2010	04/11/2010	Active	NO

Name :

Richhpal Singh Rathore

Designation :

Director

Address :

CU-37, Vishaka Enclave, Pitampura, New Delhi-110088, India

Date of Birth/Age :

01.08.1960

Date of Appointment :

13.07.2004

Din No.:

01599712

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	U15140MH1990PTC057004	SHIVAJI FOODS PRIVATE LIMITED	Director	09/01/1996	09/01/1996	01/04/2011	Active	NO
2	U15311DL2004PTC127552	BALAJI GRAINS PRIVATE LIMITED	Director	13/07/2004	13/07/2004	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Richhpal Singh Rathore	900
Manmohan Singh Rathore	2350
Bajrang Singh	100
Dayal Singh	2100
Bajrang Singh	450
Gordhan Singh	450
Manhohar Singh	450
Sohan Singh	450
Gobind Singh Rathod	450
Banwari Lal Mishra	490
BGS Commodities Private Limited	77630
TOTAL	85820

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Trader of Food Grains and Pulses.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From HDFC Bank [Term Loan]	15.000	29.786
TOTAL	15.000	29.786
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Relatives and Others	9.188	9.768
TOTAL	9.188	9.768

Banking Relations :	--
Auditors :
Name :	A.K. Bhatia and Associates Chartered Accountants
Address :	16/2, Wea Karol Bagh, New Delhi-110005, India
Pan No.:	AAGPB0088B

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
85820	Equity Shares	Rs.100/- each	Rs.8.582 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		8.582	8.582	8.582
2] Share Application Money		0.000	0.000	3.500
3] Reserves & Surplus		8.542	7.876	6.921
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.124	16.458	19.003
LOAN FUNDS
1] Secured Loans		15.000	29.786	17.505
2] Unsecured Loans		9.188	9.768	10.546
TOTAL BORROWING		24.188	39.554	28.051
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		41.312	56.012	47.054
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.840	1.135	0.441
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.068	0.025	0.018
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.375	21.316	11.905
	Sundry Debtors	17.647	12.923	40.834
	Cash & Bank Balances	0.677	2.214	0.393
	Other Current Assets	0.800	1.070	2.940
	Loans & Advances	12.471	27.454	0.207
Total Current Assets		47.970	64.977	56.279
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.786	9.157	6.621
	Other Current Liabilities	5.514	0.564	0.827
	Provisions	0.342	0.513	2.378
Total Current Liabilities		7.642	10.234	9.826
Net Current Assets		40.328	54.743	46.453
MISCELLANEOUS EXPENSES		0.076	0.109	0.142
TOTAL		41.312	56.012	47.054

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover / Income	686.200		703.100
		Other Income	NA		NA
		TOTAL	NA	703.996	NA
Less	EXPENSES
		TOTAL	NA	702.536	NA
	PROFIT / (LOSS) BEFORE TAX		0.963	1.460	7.698
Less	TAX		NA	0.506	NA
	PROFIT / (LOSS) AFTER TAX		NA	0.954	NA
	Earnings / (Loss) Per Share (Rs.)		NA	11.12	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.14	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.97	2.21	13.57
Return on Investment (ROI) (PBT/Networth)		0.05	0.09	0.41
Debt Equity Ratio (Total Liability/Networth)		1.85	3.03	1.99
Current Ratio (Current Asset/Current Liability)		6.27	6.35	5.73

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	No
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	No

OPERATION:

The company continued to carry on operations of dealing in Food Grains and achieved turnover of Rs.686.200 Millions during the financial year 2010-11. The main thrust of the company continued to be trading in food grains and pulses. The company earned a pre-tax profit of Rs.0.963 Million during the year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10131645
Corporate identity number of the company	U15311DL2004PTC127552
Name of the company	BALAJI GRAINS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	G-3, 1^st Floor, Lawrence Road, Industrial Area, New Delhi-110035
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	sumit.choithani@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Supplemental letter of hypothecation of stocks, book debts and current assets.
Date of instrument Creating the charge	18.03.2010
Amount secured by the charge	Rs.35.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest ROI as may be stipulated by the bank from time to time, payable on monthly basis. Terms of Repayment Repayable on demand. Margin As may be stipulated by the bank from time to time Extent and Operation of the charge First exclusive charge on all stocks, book debts and current assets of the company, both present and future.
Short particulars of the property charged	First exclusive charge on all stocks, book debts and current assets of the company, both present and future.
Particulars of the present modification	As per the present modification charge by way of first exclusive charge on all stocks, book debts and current assets of the company, both present and future, for various facilities is enhanced from Rs. 20.000 Millions to cover the credit facilities not exceeding Rs.35.000 Millions.

FIXED ASSETS:

· Computer

· Hero Honda

· Honda City

· Plant and Machinery

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.54.73
UK Pound	1	Rs.88.61
Euro	1	Rs.71.34

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.