MIRA INFORM REPORT

Report Date :

04.12.2013

IDENTIFICATION DETAILS

Name :	MANGALAM RICE MILL PRIVATE LIMITED
Registered Office :	Village Khudkuri, P.O. Sankhari, P.S. Khandaghosh, Burdwan – 713424, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.01.2004
Com. Reg. No.:	21-097702
Capital Investment / Paid-up Capital :	Rs. 6.200 Millions
CIN No.: [Company Identification No.]	U15312WB2004PTC097702
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Trader and Supplier of Rice.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 130800
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The profit and loss statement of 2013 is not available with us. As per previous, the overall performance of the company appears to be decent. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Dhiraj Agarwal
Designation :	Marketing Head
Contact No.:	91-8145984498
Date :	30.11.2013

LOCATIONS

Registered Office :	Village Khudkuri, P.O. Sankhari, P.S. Khandaghosh, Burdwan – 713424, West Bengal, India
Tel. No.:	Not Available
Mobile No.:	91-8145984498 (Mr. Dhiraj Agarwal)
Fax No.:	Not Available
E-Mail :	nkneogi@gmail.com info@mangalamricemill.com
Website :	http://www.mangalbhogrice.com
Area :	1000 Sq. ft
Location :	Owned
Factory :	86 A, Tollygunge Road, Nirmal Enclave, Flat 2A, Block-C, Kolkata - 700033, West Bengal, India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Dhananjoy Dey

Designation :

Director

Address :

Vivekananda College, PO Sripally, Burdwan – 713102, West Bengal, India

Date of Birth/Age :

15.05.1966

Date of Appointment :

28.01.2004

DIN No.:

00753375

Name :

Mr. Dinesh Kumar Agarwal

Designation :

Director

Address :

Dighirpul, Nutanganj, Burdwan – 713102, West Bengal, India

Date of Birth/Age :

07.07.1967

Date of Appointment :

28.01.2004

DIN No.:

01470126

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	U15312WB1998PTC087720	SREE BRIJUKA AGRO PRODUCTS PRIVATE LIMITED	Director	13/08/1998	13/08/1998	-	Active	NO
2	U15312WB2004PTC097702	MANGALAM RICE MILL PRIVATE LIMITED	Director	28/01/2004	28/01/2004	-	Active	NO
3	U15400WB2012PTC176342	BRIJUKA FOOD PRODUCTS PRIVATE LIMITED	Director	14/09/2012	14/09/2012	-	Active	NO
4	U15500WB2012PTC176846	SOUTH-BENGAL FOODS PRIVATE LIMITED	Director	21/12/2012	21/12/2012	02/01/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Dhiraj Agarwal
Designation :	Marketing Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Dinesh Kumar Agarwal	11100
Dhananjoy Dey	1700
Biswajit Dey	1100
Mrityunjoy Dey	1200
Anita Dey	3700
Durga Prasad Agarwal	200
Jayanti Dey	3700
Mohandev Mondal	2800
Sangeeta Agarwal	700
Sumita Dey	1100
Narayan Chandra Dey	2700
Dhiraj Agarwal	13000
Ashish Kumar Dey	7000
S.D. Agri (India) Private Limited, India	10000
Rudra Tradecom Private Limited, India	500
Sard India Private Limited, India	125
Axiom Goods Private Limited, India	625
Gangur Tradelink Private Limited, India	750
Total	62000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	19.35
Directors or relatives of directors	80.65
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter, Trader and Supplier of Rice.
Products/ Services :	Parboiled Rice · Swarna (Laghu) · Sita · Minikit Puffed Rice · Laghu · Lalat Raw Rice- Goving Bhog Broken Rice
Exports :
Products :	Rice
Countries :	· Sri Lanka Bangladesh UK USA Nepal
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

40 (Approximately)

Bankers :

Punjab National Bank, 75 B C Road, Kalitala, Dev Super Market, Burdwan - 713101, West Bengal, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans From Banks	31.458	21.547
SHORT TERM BORROWINGS
Loan repayable on demand From Banks	34.748	15.082
Total	66.206	36.629

Banking Relations :	--
Auditors :
Name :	M. Goenka and Company Chartered Accountants
Address :	Village Khudkhuri, P.O Sankhari, Burdwan – 713103, West Bengal, India
Mobile No.:	91-9933026851
Income-tax PAN of auditor or auditor's firm :	AAFFM0976L

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
62,000	Equity Shares	Rs. 100/- each	Rs. 6.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.200	6.000
(b) Reserves & Surplus	23.501	6.912
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	3.000	0.000
Total Shareholders’ Funds (1) + (2)	32.701	12.912
(3) Non-Current Liabilities
(a) long-term borrowings	31.458	21.547
(b) Deferred tax liabilities (Net)	0.019	0.012
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	31.477	21.559
(4) Current Liabilities
(a) Short term borrowings	34.748	15.082
(b) Trade payables	4.005	9.234
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	1.643	1.297
Total Current Liabilities (4)	40.396	25.613
TOTAL	104.574	60.084
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.762	11.778
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	41.389	21.630
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.696	0.371
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.050	5.956
(e) Other Non-current assets	0.000	0.093
Total Non-Current Assets	51.897	39.828
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	39.209	8.717
(c) Trade receivables	1.397	9.786
(d) Cash and cash equivalents	10.612	0.366
(e) Short-term loans and advances	1.459	1.387
(f) Other current assets	0.000	0.000
Total Current Assets	52.677	20.256
TOTAL	104.574	60.084

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.000
2] Share Application Money		0.000
3] Reserves & Surplus		6.197
4] (Accumulated Losses)		0.000
NETWORTH		12.197
LOAN FUNDS
1] Secured Loans		24.189
2] Unsecured Loans		0.000
TOTAL BORROWING		24.189
DEFERRED TAX LIABILITIES		0.000
TOTAL		36.386
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.057
Capital work-in-progress		0.000
INVESTMENT		0.861
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.361
	Sundry Debtors	0.622
	Cash & Bank Balances	5.050
	Other Current Assets	0.000
	Loans & Advances	3.218
Total Current Assets		23.251
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.620
	Other Current Liabilities	0.375
	Provisions	0.974
Total Current Liabilities		1.969
Net Current Assets		21.282
MISCELLANEOUS EXPENSES		0.186
TOTAL		36.386

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	96.502	91.181	90.305
		Other Income	0.117	0.070	0.271
		TOTAL (A)	96.619	91.251	90.576
Less	EXPENSES
		Cost of materials consumed	85.121	77.193
		Purchases of stock in trade	0.528	0.420
		Changes in inventories of finished goods, work in progress and stock in trade	(6.280)	(0.101)
		Employee benefit Expenses	0.366	0.380
		Other Expenses	8.886	7.839
		TOTAL (B)	88.621	85.731	84.370
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.998	5.520	6.206
Less	FINANCIAL EXPENSES (D)		5.292	2.639	1.613
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.706	2.881	4.593
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.566	1.837	2.236
	PROFIT BEFORE TAX (E-F) (G)		1.140	1.044	2.357
Less	TAX (H)		0.352	0.329	0.728
	PROFIT AFTER TAX (G-H) (I)		0.788	0.715	1.629
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.012	2.297	0.668
	BALANCE CARRIED TO THE B/S		3.800	3.012	2.297
	Earnings Per Share (Rs.)		13.14	11.91	27.15

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.82	0.78	1.80
Net Profit Margin (PBT/Sales)	(%)	1.18	1.14	2.61
Return on Total Assets (PBT/Total Assets}	(%)	1.82	2.74	6.32
Return on Investment (ROI) (PBT/Networth)		0.03	0.08	0.19
Debt Equity Ratio (Total Debt/Networth)		2.02	2.84	1.98
Current Ratio (Current Asset/Current Liability)		1.30	0.79	11.81

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	Yes
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%	--
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	Yes
20]	Export / Import details (if applicable)	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80032701	08/01/2013 *	91,258,000.00	PUNJAB NATIONAL BANK	75, B C ROAD, KALITALA, DEV SUPER MARKET, BURDWN - 713101, WEST BENGAL, INDIA	B69682656

* Date of charge modification

Note:

The registered office of the company has been shifted from Vivekananda College, PO Sripally, Burdwan – 713102, West Bengal, India to the present w.e.f.30.03.2009

FIXED ASSETS:

· Land

Buildings

Plant and Machinery

Electrical Installation

Computer equipment

Furniture and Fixture

Vehicles

Office Equipment

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 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. 62.34
UK Pound	1	Rs. 102.06
Euro	1	Rs. 84.46

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.