MIRA INFORM REPORT

Report Date :

20.06.2013

IDENTIFICATION DETAILS

Name :	CHAROEN POKPHAND (INDIA) PRIVATE LIMITED
Registered Office :	47/D3, Gandhi Mandapam Road, 85, Kottupuram, Chennai – 600085, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.06.1997
Com. Reg. No.:	18-038419
Capital Investment / Paid-up Capital :	Rs. 620.687 Millions
CIN No.: [Company Identification No.]	U01211TN1997PTC038419
TAN No.: [Tax Deduction & Collection Account No.]	CHEC02267G
PAN No.: [Permanent Account No.]	AAACC4209Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Live Poultry and Poultry Feed.
No. of Employees :	350 [Only in Maharashtra Office] (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 6720000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having a good track record. There appears sharp dip in its profitability during 2012. The external borrowing seems to be increasing over years. However, general financial strength seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A2+ [Short Term Bank Facility]
Rating Explanation	Strong degree of safety. It carry low credit risk.
Date	17.09.2012

Rating Agency Name	ICRA
Rating	A – [Long Term Bank Facility]
Rating Explanation	Adequate degree of safety. It carry low credit risk.
Date	17.09.2012

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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Manoj
Designation :	Accounts Department
Contact No.:	91-22-66812900
Date :	20.06.2013

LOCATIONS

Registered Office :	47/D3, Gandhi Mandapam Road, 85, Kottupuram, Chennai – 600085, Tamilnadu, India
Tel. No.:	91-44-24470790/ 24470897/ 24475578
Fax No.:	91-44-24472880
E-Mail :	cp_mds@satyam.net.in shinde.manoj2007@rediffmail.com cp_ho@rediffmail.com vitoon@mycpindia.com
Website:	http://www.cp-india.com
Location :	Owned
Head Office :	Flat No. 1, Riya Apartments, 38/39, Nrupatunga Road, Behind Petrol Bunk, Virgonar Post, Bhattarahalli, Bangalore – 560049, Karnataka, India
Corporate Office :	104, G N T Road, Nallur and Vijaynallur Village, Sholavaram Post, Red Hills, Chennai - 600067, Tamilnadu, India
Tel. No.:	91-44-26419465/ 67/ 68/264195/ 45/ 46/ 47
Fax No.:	91-44-26419466/ 9544
Factory :	No. 130, Opposite Grindwell, Budigere Road, Bangalore - 560049, Karnataka, India
Tel No.:	91-80-28472180/ 28472195/ 28472719
Fax No.:	91-80-28472662
Branch Office :	Located at: Pune Sitaramapuram Hyderabad Punjab Haryana

DIRECTORS

AS ON 29.09.2012

Name :	Vitoon Kittimongkolsuk
Designation :	Director
Address :	47/D3, Gandhi Mandapam Road, Kotturpuram, Chennai - 600085, Tamilnadu, India
Date of Birth/Age :	03.12.1964
Date of Appointment :	23.02.2004
DIN No.:	00326042
Name :	Preeda Chunwong
Designation :	Director
Address :	47/D3, Gandhi Mandapam Road, Kotturpuram, Chennai - 600085, Tamilnadu, India
Date of Birth/Age :	23.01.1963
Date of Appointment :	03.05.2006
DIN No.:	00898137
Name :	Montri Suwanposri
Designation :	Director
Address :	69/57, Village No.6, Jomthong Sub District, Bangkok, Thailand
Date of Birth/Age :	12.02.1962
Date of Appointment :	01.04.2010
DIN No.:	02955771
Name :	Adirek Sripratak
Designation :	Director
Address :	47/D3, Gandhi Mandapam Road, Kotturpuram, Chennai - 600085, Tamilnadu, India
Date of Birth/Age :	18.07.1946
Date of Appointment :	23.02.2004
DIN No.:	03129737
Name :	Prasert Poongkumarn
Designation :	Director
Address :	47/D3, Gandhi Mandapam Road, Kotturpuram, Chennai - 600085, Tamilnadu, India
Date of Birth/Age :	12.03.1936
Date of Appointment :	16.06.1997
DIN No.:	03152058

KEY EXECUTIVES

Name :	Mr. Manoj
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
CPF Investment Limited, British	62068733
Adirek Sripratak	1
Total	62068734

AS ON 20.11.2012

Names of Shareholders	No. of Shares
CPF Investment Limited, British	61630000
Total	61630000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of Live Poultry and Poultry Feed.

Products/ Services :

ITC Code No.	Product Descriptions
01059900	Poultry Live

Terms :

Selling :

Credit and Depend

Purchasing :

Credit and Depend

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Feed	Kgs.	204000000	--
Poultry Feed	Kgs.	--	247906020
Prawn Feed	Kgs.	--	106048640

GENERAL INFORMATION

Customers :

Others

No. of Employees :

350 [Only in Maharashtra Office] (Approximately)

Bankers :

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

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	1553.333	1226.667
SHORT-TERM BORROWINGS
Loans repayable on demand	3377.057	0.000
Total	4930.390	1226.667

Banking Relations :	--
Auditors :
Name :	VDSR and Company Chartered Accountants
Address :	1C, Queens Court, 102, Montieth Road, Egmore, Chennai – 600008, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFK0778M
Ultimate Holding company :	Chareon Pokphand Foods Public Company Limited
Associate :	CPF IT Center Company Limited [U05001TN1994PTC029251]
Holding company :	CPF Investment Company Limited
Subsidiary company :	C P Merchandising Company Limited
Other Related Parties :	Chareon Pokphand Seeds India Private Limited Charoen Pokphand Group Company Limited CPF Training Center Company Limited CPF IT Center Company Limited

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
124,630,000	Equity Shares	Rs. 10/- each	Rs. 1246.300 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
123,698,734	Equity Shares	Rs. 10/- each	Rs. 1236.987 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
63,000,000	Equity Shares	Rs. 10/- each	Rs. 630.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
62,068,734	Equity Shares	Rs. 10/- each	Rs. 620.687 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	620.687	620.687
(b) Reserves & Surplus	1060.243	303.629
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	1553.333	1226.667
(b) Deferred tax liabilities (Net)	98.638	66.262
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	43.193	23.744
(4) Current liabilities
(a) Short term borrowings	3377.057	0.000
(b) Trade payables	731.898	728.130
(c) Other current liabilities	973.703	485.272
(d) Short-term provisions	14.549	2660.899
TOTAL	8473.301	6115.290
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2289.331	1243.438
(ii) Intangible Assets	1.138	1.507
(iii) Capital work-in-progress	1406.153	919.317
(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	645.432	489.713
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	3225.375	2445.271
(c) Trade receivables	57.311	34.562
(d) Cash and cash equivalents	761.130	946.888
(e) Short-term loans and advances	86.089	33.756
(f) Other current assets	1.342	0.838
TOTAL	8473.301	6115.290

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		620.687
2] Share Application Money		0.000
3] Reserves & Surplus		1605.899
4] (Accumulated Losses)		0.000
NETWORTH		2226.586
LOAN FUNDS
1] Secured Loans		400.000
2] Unsecured Loans		0.000
TOTAL BORROWING		400.000
DEFERRED TAX LIABILITIES		56.520
TOTAL		2683.106
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		905.032
Capital work-in-progress		208.084
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1679.521
	Sundry Debtors	59.257
	Cash & Bank Balances	555.284
	Other Current Assets	0.000
	Loans & Advances	90.785
Total Current Assets		2384.847
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	301.531
	Other Current Liabilities	396.506
	Provisions	116.820
Total Current Liabilities		814.857
Net Current Assets		1569.990
MISCELLANEOUS EXPENSES		0.000
TOTAL		2683.106

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	NA	6898.041
		Other Income			8.965
		TOTAL	NA	NA	6907.006
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	5964.191
	PROFIT BEFORE TAX		1062.618	1788.443	942.815
Less	TAX		306.005	601.958	328.986
	PROFIT AFTER TAX		756.613	1186.485	613.829
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	37.542	23.376	NA
	IMPORTS
		Raw Materials	NA	501.173	529.948
		Stores & Spares		30.885	18.082
		Capital Goods		673.624	7.573
		Finished Goods		1.678	0.000
	TOTAL IMPORTS		NA	1207.360	555.603
	Earnings Per Share (Rs.)		12.19	19.12	9.89

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	8.89
Net Profit Margin (PBT/Sales)	(%)	NA	NA	13.67
Return on Total Assets (PBT/Total Assets}	(%)	25.72	51.67	28.66
Return on Investment (ROI) (PBT/Networth)		0.63	1.93	0.42
Debt Equity Ratio (Total Debt/Networth)		2.93	1.33	0.18
Current Ratio (Current Asset/Current Liability)		0.81	0.91	2.93

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	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	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]	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	Yes

COMPANY BACKGROUND:

Subject is a Company based in South India engaged in the rearing of chicks and manufacture of poultry feeds, prawn feeds and aquatic health care products. The Company utilizes an extensive infrastructure to manufacture feeds for its clients in India. Headquartered in Chennai, India, the Company has hatcheries and factories located in India that enable it to provide high quality feeds and aquatic health care products for its clients.

BUSINESS EXPANSION

The Company is planning business expansion operations by constructing Feed mills at Newasa in Maharashtra, Chittoor in Andhra Pradesh. The Company has purchased land for this purpose and construction operations are in full swing. Further the Company has also initiated establishing own Breeder and Hatchery operations at Ahmed Nagar in Maharashtra, Vellore in Tamil Nadu, Hyderabad in Andhra Pradesh and by leasing premises at Kolkata in West Bengal.

The Directors express their happiness about the Company’s growth and progress and assure that the company would achieve higher profit levels in the years to come.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U01211TN1997PTC038419
Name of the company	CHAROEN POKPHAND (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	47/D3, Gandhi Mandapam Road, 85, Kottupuram, Chennai – 600085, Tamilnadu, India Email: vitoon@mycpindia.com
This form is for	Creation of charge
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: satish.ramanathan@hdfcbank.com CIN No.: L65920MH1994PLC080618
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation of Stocks and Book Debts.
Date of instrument Creating the charge	18.09.2012
Amount secured by the charge	Rs. 500.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Any such rate as may be advised to the Company from time to time in respect of the credit facilities. Terms of Repayment Repayable on Demand. Margin As may be prescribed by the Bank from time to time for the credit facilities. Extent and Operation of the charge Hypothecation by way of paripassu CHARGE to the Bank on all the Stocks and Book Debts both present and future together with interest, costs, charges and other dues any time hereafter may become due and owing to the bank in the respect of and under the credit facilities and interest and all the other cost thereto.
Short particulars of the property charged	Pari Passu Charge by way of Hypothecation of all the Stocks and Book Debts both present and future.

FIXED ASSETS:

Land

Buildings

Factory building

Other building

Plant and equipment

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

Computer 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. 58.74
UK Pound	1	Rs. 91.99
Euro	1	Rs. 78.70

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.