MIRA INFORM REPORT

Report Date :

23.02.2013

IDENTIFICATION DETAILS

Name :	INDUSS FOOD PRODUCTS AND EQUIPMENTS LIMITED

Registered Office :	238/B, Acharaya J C Bose Road, Kolkata – 700 020, West Bengal

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	26.05.1987

Com. Reg. No.:	21-031664

Capital Investment / Paid-up Capital :	Rs. 8.500 millions

CIN No.: [Company Identification No.]	L35204WB1987PLC031664

PAN No.: [Permanent Account No.]	AAACI7443N

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

Line of Business :	Manufacturer, Exporter and Supplier of paddy dryer plant, parboiling rice plant, boilers, rice mill equipment, rice mill machinery, rice engineering

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 187000

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 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

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 :	238/B, Acharaya J C Bose Road, Kolkata – 700 020, West Bengal, India
Tel. No.:	91-33-22878503/9266/196222802743
Fax No.:	91-33-22871874/8246
E-Mail :	induss@vsnl.com info@indussgroup.com

Branches :	Located at: Burdwan, West Bengal Tamilnadu Haryana Karnataka Punjab Maharashtra Uttar Pradesh Andhra Pradesh Gujarat Orissa Chattisgarh Jharkhand

DIRECTORS

As on 28.09.2012

Name :	Mrs. Shanti Swarup Agarwal
Designation :	Managing director
Address :	Flat No – 31, Tivou Court, Ballygung Circular Road, Kolkata – 700 019, West Bengal, India
Date of Birth/Age :	05.09.1951
Date of Appointment :	26.05.1987
DIN No.:	00322011

Name :	Mr. Madhu Sudhan Mishra
Designation :	Director
Address :	P - 218, Lake Terrace Extension, Kolkata – 700 029, West Bengal ,India
Date of Birth/Age :	16.07.1947
Date of Appointment :	05.08.1987
DIN No.:	00573407

Name :	Mr. Sohanlal Chopra
Designation :	Director
Address :	15, Nafar Chandra Das Road, Behala, Kolkata – 700 034, West Bengal, India
Date of Birth/Age :
Date of Appointment :	03.12.2010
DIN No.:	03183091

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

MAJOR SHAREHOLDERS DETAILS ATTACHED

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	6.12
Directors or relatives of Directors	66.82
Other top fifty shareholders	27.06
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of paddy dryer plant, parboiling rice plant, boilers, rice mill equipment, rice mill machinery, rice engineering

Products :

ITC CODE	PRODUCTS
01.05	Rice Mill Machinery
01.05	Live Poultry

GENERAL INFORMATION

Customers :

Sirus Industries, Andhra Pradesh, India
Ankit Industries, West Bengal, India
Bhadreshwar Rice Mills, West Bengal, India
Shubham Paddy, Andhra Pradesh, India

No. of Employees :

Not Available

Bankers :

Andhra Bank, Chowringhee Branch, 58, Chowringhee Road, Kolkata – 700 071, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Term Loans	4.979	7.905
Rupee Term Loans from Banks	21.553	24.461
Rupee Term Loans from Others	0.168	0.319
Commercial Paper	18.887	12.124

Total	45.587	44.809


Banking Relations :	--

Auditors :
Name :	Chopra and Company Chartered Accountant
Address :	133, Canning Street, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22421718 / 6029
Fax No.:	91-33-22426676
E-Mail :	mail@chopracompany.com achpra@cal3.vsnl.net.in
PAN No.:	AACFI527A

CAPITAL STRUCTURE

As on 29.09.2012

Authorized Capital:

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

850000	Equity Shares	Rs. 10/- each	Rs. 8.500 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		8.500	8.500	8.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		38.481	34.508	32.183
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		46.981	43.008	40.683
LOAN FUNDS
1] Secured Loans		45.587	44.809	54.455
2] Unsecured Loans		3.500	4.500	1.837
TOTAL BORROWING		49.087	49.309	56.292
DEFERRED TAX LIABILITIES		4.629	3.849	2.938

TOTAL		100.697	96.166	99.913

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		56.629	54.878	54.472
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		9.979	9.977	9.978
DEFERREX TAX ASSETS		0.000	0.000	0.00

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	58.965	63.661	68.944
	Sundry Debtors	62.663	56.756	61.218
	Cash & Bank Balances	6.781	3.703	2.467
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	33.395	35.907	27.237
Total Current Assets		161.804	160.027	159.866
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	84.490	70.161	77.243
	Other Current Liabilities	41.023	57.455	46.807
	Provisions	2.202	1.100	0.353
Total Current Liabilities		127.715	128.716	124.403
Net Current Assets		34.089	31.311	35.463

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		100.697	96.166	99.913

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	475.497	470.361	456.266
		Other Income	6.987	9.454	8.647
		TOTAL (A)	482.484	479.815	464.913

Less	EXPENSES
		Cost of Materials Consumed	349.449	347.776
		Purchases of stock-in-trade	24.494	24.199
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	1.246	(3.532)
		Employee benefit expenses	43.614	47.251
		Other Expenses	48.972	51.641
		TOTAL (B)	467.775	467.335	452.110

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.709	12.480	12.803

Less	FINANCIAL EXPENSES (D)		5.030	4.652	5.480

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.679	7.828	7.323

Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.824	3.845	3.155

	PROFIT BEFORE TAX (E-F) (G)		5.855	3.983	4.168

Less	TAX (H)		1.882	1.658	1.284

	PROFIT AFTER TAX (G-H) (I)		3.973	2.325	2.884

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		31.013	28.688	25.804

	BALANCE CARRIED TO THE B/S		34.986	31.013	28.688

	Earnings Per Share (Rs.)		4.67	2.73	3.39

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.82	0.48	0.62

Net Profit Margin (PBT/Sales)	(%)	1.23	0.85	0.91

Return on Total Assets (PBT/Total Assets}	(%)	2.68	1.85	1.94

Return on Investment (ROI) (PBT/Networth)		0.12	0.09	0.10

Debt Equity Ratio (Total Debt/Networth)		1.04	1.14	0.72

Current Ratio (Current Asset/Current Liability)		1.27	1.24	1.29

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	Yes
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

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011

Intercorporate Borrowings	3.500	4.500

TOTAL	3.500	4.500

PERFORMANCE OF THE COMPANY

The Turnover of the company during the year has marginally increased by Rs. 5.135 millions as compared to previous year.

The company has been able to sustain the previous year’s performance during the year as mention above and have been able to marginally increase the profit on account of efficiency in manufacturing and administration cost along with economy in raw material consumption. The company has made a profit of Rs. 3.974 millions as against profit of Rs. 2.325 millions. Earnings per share has also been achieved at Rs. 4.67 against Rs. 2.73 in last year.

FIXED ASSETS

Land
Factory Building
Plant and Machinery
Computer Machinery
Air Conditioner
Office Equipments
Motor Cycle
Furniture and Fixtures
Electric Installation
Refrigeration
Pollution Control Equipments
Photo Copier Machine
Motor Car
Software

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.54.43
UK Pound	1	Rs.83.20
Euro	1	Rs.71.91

INFORMATION DETAILS

Report Prepared by :

NID

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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
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.

MIRA INFORM REPORT

0.82

0.48

1.23

0.85

2.68

1.85

0.12

0.09

1.04

1.14

1.27

1.24

Unit