MIRA INFORM REPORT

Report Date :

29.07.2013

IDENTIFICATION DETAILS

Name :	AGRAWAL PAPAD PRIVATE LIMITED
Registered Office :	No. 374, Hukumchand Colony, Panchkuiya Road, Indore-452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.06.1997
Com. Reg. No.:	10-011970
Capital Investment / Paid-up Capital :	Rs.2.742 Millions
CIN No.: [Company Identification No.]	U15496MP1997PTC011970
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Papad, Badi, Pickles, Instant Mix, Kali Mirchi and Instant Food.
No. of Employees :	40 [Approximately]

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 135000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has seen a slight growth in its sales turnover as well as net profitability during 2012. However, liquidity position is on the verge of getting stretched. Trade relations are reported as fair. Business is active. Payment terms are usually correct. The company can be considered for business dealings at usually 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

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. Abhishek Mantri
Designation :	Marketing Head
Contact No.:	91-9669986111
Date :	23.07.2013

LOCATIONS

Registered Office :	No. 374, Hukumchand Colony, Panchkuiya Road, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-2412420/2413420
Mobile No.:	91-9669986111 [Mr. Abhishek Mantri]
Fax No.:	91-731-2418420
E-Mail :	agrawal420papad@yahoo.co.in
Website :	http://www.420papad.com
Area :	4500 sq. ft.
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Narayan Singhal

Designation :

Director

Address :

244-245, Hukumchand Colony, Panchkuieya Road, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

25.10.1963

Date of Appointment :

02.06.1997

Din No.:

00979373

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	U15496MP1997PTC011970	AGRAWAL PAPAD PRIVATE LIMITED	Director	02/06/1997	02/06/1997	Active	NO
2	U70100MP2013PTC030609	KESARTULSI REALBUILD PRIVATE LIMITED	Director	27/04/2013	27/04/2013	Active	NO

Name :

Mr. Anoop Singhal

Designation :

Director

Address :

24, Telibakhal Main Road, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

30.12.1973

Date of Appointment :

02.06.1997

Din No.:

00933526

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	U15496MP1997PTC011970	AGRAWAL PAPAD PRIVATE LIMITED	Director	02/06/1997	02/06/1997	Active	NO
2	U70100MP2013PTC030609	KESARTULSI REALBUILD PRIVATE LIMITED	Director	27/04/2013	27/04/2013	Active	NO

Name :

Mr. Rajesh Singhal

Designation :

Director

Address :

84/2, Hukumchand Marg, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

30.04.1971

Date of Appointment :

02.06.1997

Din No.:

00938385

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	U15496MP1997PTC011970	AGRAWAL PAPAD PRIVATE LIMITED	Director	02/06/1997	02/06/1997	Active	NO
2	U70100MP2013PTC030609	KESARTULSI REALBUILD PRIVATE LIMITED	Director	27/04/2013	27/04/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhishek Mantri
Designation :	Marketing Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Narayan Singhal	3288
Anoop Singhal	2276
Rajesh Singhal	1981
Kalawati Singhal	500
Kailashchand Singhal	430
Jitendra Goyal	1097
Rakhi Singhal	200
Rekha Singhal	850
Pooja Singhal	822
Arti Singhal	770
Saroj Singhal	300

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	12.00
Directors or relatives of directors	71.00
Other top fifty shareholders	17.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Papad, Badi, Pickles, Instant Mix, Kali Mirchi and Instant Food.
Terms :
Selling :	L/C / Cash and Credit
Purchasing :	L/C / Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2012]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production [In K.G.]
Papad	M.T	2200	2200	2085086.00
Moong Badi	M.T	40	40	3943.00
Instant Mix	M.T	250	250	183733.00
Instant Food	M.T	500	500	426400.00

GENERAL INFORMATION

Customers :

Wholesalers and End Users

No. of Employees :

40 [Approximately]

Bankers :

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

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
HDFC (Term Loan A/C) [Secured by hypothecation of plant and machinery]	0.520	1.941
Short Term Borrowings
Loans Repayable on Demand
From Banks
HDFC bank (Cash Credit A/C) [Secured by hypothecation of stock and book debts and collateral security of house property and personal guarantee of all directors]	16.025	10.304
TOTAL	16.545	12.245

Banking Relations :	--
Auditors :
Name :	Satya Narayan Goyal Chartered Accountants
Address :	70, Jaora Compound, Behind Pooja Dairy, Opposite M.Y. Hospital, Indore-452001, Madhya Pradesh, India
PAN No:	ACHPG3338E

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27421	Equity Shares	Rs.100/- each	Rs.2.742 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	2.742	2.137
(b) Reserves & Surplus	31.043	17.169
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	1.110
Total Shareholders’ Funds (1) + (2)	33.785	20.416
(3) Non-Current Liabilities
(a) long-term borrowings	22.659	17.020
(b) Deferred tax liabilities (Net)	0.197	0.206
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	22.856	17.226
(4) Current Liabilities
(a) Short term borrowings	19.125	13.404
(b) Trade payables	33.475	29.375
(c) Other current liabilities	3.204	2.133
(d) Short-term provisions	3.300	2.206
Total Current Liabilities (4)	59.104	47.118
TOTAL	115.745	84.760
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29.276	27.128
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	13.401	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	4.632	4.622
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	47.309	31.750
(2) Current assets
(a) Current investments	3.950	3.950
(b) Inventories	41.817	34.025
(c) Trade receivables	13.497	9.892
(d) Cash and cash equivalents	1.384	0.987
(e) Short-term loans and advances	3.375	2.121
(f) Other current assets	4.413	2.035
Total Current Assets	68.436	53.010
TOTAL	115.745	84.760

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.138
2] Share Application Money		0.150
3] Reserves & Surplus		12.833
4] (Accumulated Losses)		0.000
NETWORTH		15.121
LOAN FUNDS
1] Secured Loans		9.647
2] Unsecured Loans		12.860
TOTAL BORROWING		22.507
DEFERRED TAX LIABILITIES		0.215
TOTAL		37.843
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.882
Capital work-in-progress		0.000
INVESTMENT		3.731
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.433
	Sundry Debtors	8.704
	Cash & Bank Balances	2.360
	Other Current Assets	0.000
	Loans & Advances	8.211
Total Current Assets		39.708
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.704
	Other Current Liabilities	13.954
	Provisions	1.820
Total Current Liabilities		24.478
Net Current Assets		15.230
MISCELLANEOUS EXPENSES		0.000
TOTAL		37.843

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	281.868	210.763	159.048
Less	EXPENSES
		TOTAL	271.731	201.287	151.383
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		Including Depreciation	9.476	7.665
Less/ Add	DEPRECIATION/ AMORTISATION			2.954	2.362
	PROFIT / (LOSS) BEFORE TAX		10.137	6.522	5.303
Less	TAX		3.291	2.197	1.668
	PROFIT / (LOSS) AFTER TAX		6.846	4.325	3.635
Add	EXCESS/(SHORT) PROVISION MADE LAST YEAR (INCOME TAX)		0.201	0.010	NA
	PROFIT FOR THE YEAR		7.047	4.335	NA
	Earnings / (Loss) Per Share (Rs.)		249.66	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.43	2.05	2.29
Return on Total Assets (PBT/Total Assets}	(%)	9.90	7.69	9.05
Return on Investment (ROI) (PBT/Networth)		0.30	0.32	0.35
Debt Equity Ratio (Total Debt/Networth)		1.23	1.49	1.49
Current Ratio (Current Asset/Current Liability)		1.15	1.13	1.62

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)	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

NOTE:

The registered office of the company has been shifted from 244-245, Hukumchand Colony Panchkuiya, Indore-452001, Madhya Pradesh, India to the present address w.e.f.04.01.2007.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
From Others	2.565	3.935
From Members	3.230	2.263
From Relatives	16.344	8.881
Short Term Borrowings
Other Loan and Advances [Advance received for New Siyaganj, Indore Shop]	3.100	3.100
TOTAL	25.239	18.178

FINANCIAL PERFORMANCE:

During the financial year company has achieved total income of Rs. 281.868 Millions in comparison to previous financial year Rs. 210.763 Millions and earned net profit of Rs. 7.047 Millions in comparison to previous year's net profit of Rs. 4.335 Millions. Directors are hopeful that profitability and turnover would be increased looking in to product demand in Madhya Pradesh and other states also. Further company is receiving good response for instants foods in food bazaar. Looking in the demand the company has purchased various machines to increase the production and turnover.

CORPORATE INFORMATION:

Subject is a private Company, a company limited by share domiciled in India and incorporated on 02/06/1997 with CIN U15496MP1997PTC011970 under the provisions of Companies Act 1956. The company engaged in Manufacturing and Trading of Papad, Badi, Pickles, Instant Mix, Kali Mirchi and Instant Food.

FIXED ASSETS:

• Machinery
• Air Cooler
• Bicycle
• Weight Scale
• Water Cooler
• Furniture and Fixture
• Camera Vision
• Taxi
• Tyota Innova
• Computer
• Cooling System
• Cold Storage

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.58.91
UK Pound	1	Rs.90.67
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	TPT

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	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.