MIRA INFORM REPORT

Report Date :

30.04.2013

IDENTIFICATION DETAILS

Name :	CHAROEN POKPHAND SEEDS (INDIA) PRIVATE LIMITED
Registered Office :	No.102/1, Service Road, Hal III Stage, Gitanjali Layout, New Tippesandra, Bangalore – 560075, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.10.2003
Com. Reg. No.:	08-032801
Capital Investment / Paid-up Capital :	Rs.16.900 Millions
CIN No.: [Company Identification No.]	U01122KA2003PTC032801
TAN No.: [Tax Deduction & Collection Account No.]	BLRC04483D
PAN No.: [Permanent Account No.]	AACCC3259N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Supplier and Exporter of Hybrid Maize Seeds, Cp Sweet Corn.
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 260000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A- (Long Term Bank Facilities)
Rating Explanation	Adequate credit quality. It carry low credit risk.
Date	September 2012

Rating Agency Name	ICRA
Rating	A2+ (Short Term Bank Facilities)
Rating Explanation	Strong degree of safety. It carry low credit risk.
Date	September 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 :	No.102/1, Service Road, Hal III Stage, Gitanjali Layout, New Tippesandra, Bangalore – 560075, Karnataka, India
Tel. No.:	91-80-25203840/ 25208384/ 25203843
Fax No.:	91-80-25201397
E-Mail :	cps_india@hotmail.com

DIRECTORS

As on: 29.09.2012

Name :	Sayan Hongsa
Designation :	Director
Address :	313, C P Tower, Silom Road, Bangkok, Thailand
Date of Birth/Age :	14.04.1959
Date of Appointment :	29.10.2003
DIN No.:	02404200
Name :	Vitoon Kittimongkolsuk
Designation :	Director
Address :	313, C P Tower, Silom Road, Bangkok, Thailand
Date of Birth/Age :	03.12.1964
Date of Appointment :	29.10.2003
DIN No.:	00326042

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Charoen Pokphand Produce Company Limited, Thailand	1680000
Sayan Hongsa	10000
Total	1690000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.41
Bodies corporate	0.59
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Supplier and Exporter of Hybrid Maize Seeds, Cp Sweet Corn.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India
• Canara Bank
• State Bank of India
• Syndicate Bank
• Bank of America

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
HDFC CC account (Secured Against Plant and machinery, current assets including stock and book debts of the company)	250.458	309.987
Total	250.458	309.987

Banking Relations :	--
Auditors :
Name :	Sankar Prasad and Company Chartered Accountants
Address :	12, Saradambal Street, Gokulam Colony, T. Nagar, Chennai – 600017, Tamilnadu, India
Tel. No.:	91-44-28344735/ 42122473
Fax No.:	91-44-42122473
PAN No.:	AACFS5006Q
Group Company :	CP Aquaculture Private Limited
Holding Company :	Charoen Pokphand Produce Company Limited, Thailand

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1690000	Equity Shares	Rs.10/- each	Rs.16.900 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		16.900	16.900	16.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		48.369	28.635	22.060
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		65.269	45.535	38.960
LOAN FUNDS
1] Secured Loans		250.458	309.987	350.022
2] Unsecured Loans		201.910	93.201	70.000
TOTAL BORROWING		452.368	403.188	420.022
DEFERRED TAX LIABILITIES		15.385	12.572	4.434
TOTAL		533.022	461.295	463.416
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		232.065	220.556	208.516
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	294.629	186.278	243.954
	Sundry Debtors	61.002	81.503	66.023
	Cash & Bank Balances	124.584	116.342	66.440
	Other Current Assets	26.437	22.569	0.000
	Loans & Advances	5.069	4.179	22.655
Total Current Assets		511.721	410.871	399.072
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	124.017	126.685	137.757
	Other Current Liabilities	74.489	46.849
	Provisions	12.258	6.598	6.642
Total Current Liabilities		210.764	180.132	144.399
Net Current Assets		300.957	230.739	254.673
MISCELLANEOUS EXPENSES		0.000	0.000	0.227
TOTAL		533.022	451.295	463.416

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Gross Income from Operation	724.609	601.579	455.835
Less	EXPENSES		NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		81.698	61.109	78.206
Less	FINANCIAL EXPENSES		39.760	34.165	32.902
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		41.938	26.994	45.304
Less/ Add	DEPRECIATION/ AMORTISATION		9.465	8.400	6.224
	PROFIT BEFORE TAX AND EXTRAORDINARY ITEM		32.473	18.543	39.080
Less	EXTRAORDINARY ITEM		0.000	0.135	0.000
	PROFIT BEFORE TAX		32.473	18.408	39.080
Less	TAX		12.739	11.834	7.671
	PROFIT AFTER TAX		19.734	6.574	31.409
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		28.634	22.060	(9.350)
	BALANCE CARRIED TO THE B/S		48.368	28.634	22.060
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	20.891	14.809	19.696
	TOTAL EARNINGS		20.891	14.809	19.696
	Earnings Per Share (Rs.)		11.68	3.89	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	4.37	2.92	6.43
Return on Investment (ROI) (PBT/Networth)		0.50	0.40	1.00
Debt Equity Ratio (Total Debt/Networth)		6.93	8.85	10.78
Current Ratio (Current Asset/Current Liability)		2.43	2.28	2.76

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	Yes
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	No

OPERATIONS

The company has achieved a turnover of Rs.724.609 Millions during the year against the previous year turnover of Rs.601.579 Millions, and achieved a gross profit of Rs.81.698 Millions against previous year profit of 61.109 Millions before providing interest and depreciation. The Board of Directors are foreseeing that the company could achieve a better turnover and operating profit from current year operations.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Cp Aquaculture India Private Limited	200.000	91.114
Interest accrued and due on Loan	1.910	2.087
Total	201.910	93.201

FIXED ASSETS

• Land
• Building
• Furniture and Fitting
• 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 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 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.54.28
UK Pound	1	Rs.84.23
Euro	1	Rs.70.90

INFORMATION DETAILS

Report Prepared by :

VRN

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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.