MIRA INFORM REPORT

Report Date :

04.05.2013

IDENTIFICATION DETAILS

Name :	POONA DAL AND OIL INDUSTRIES LIMITED
Registered Office :	103/104, Hadapsar Industrial Estate, Pune – 411013, Maharashtra, INDIA
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.01.1993
Com. Reg. No.:	11-070263
Capital Investment / Paid-up Capital :	Rs. 57.080 Million
CIN No.: [Company Identification No.]	L15313PN1993PLC070263
TAN No.: [Tax Deduction & Collection Account No.]	PNEP02881E
PAN No.: [Permanent Account No.]	AABCP2950L
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturing and trading in edible oil and pulses.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 761000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of ‘PDBM GROUP’ It is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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) BBB
Rating	Cash Credit
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk
Date	March,2013

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/Corporate Office :	103/104, Hadapsar Industrial Estate, Pune-411013, Maharashtra, India
Tel. No.:	91-20-26816020/ 26816024
Fax No.:	91-20-26816021
E-Mail :	pdoil@pdbmgroup.com
Plant 1 :	Gat No. 366 Shikrapur, Tal. Shirur, Dist. Pune – 412208, Maharashtra, India
Plant 2 :	E 2, Kurkumbh MIDC Kurkumbh, Tal. Daund, Dist. Pune – 413801, Maharashtra, India

DIRECTORS

As on 31.03.2012

Name :	Mr. Pradip P. Parakh
Designation :	Chairman and Managing Director
Name :	Mr. Mahendra S Mehta
Designation :	Director
Date of Birth/Age :	05.05.1963
Date of Appointment :	23.08.1995
Qualification :	B.Com, LLB, FCA
Name :	Mr. Jitendra H Palnitkar
Designation :	Director
Name :	Mr. Ayushman Mehta
Designation :	Director
Date of Birth/Age :	28.06.1981
Date of Appointment :	21.03.2012
Qualification :	M.Com
Name :	Mr. Pankaj C Baldota
Designation :	Director (Works)
Date of Appointment :	29.09.1997
Date of Birth/Age :	17.10.1971
Qualification :	B.om
Name :	Mr. Shailesh C Doshi
Designation :	Director (Works)
Date of Appointment :	01.06.2006
Date of Birth/Age :	11.01.1970
Qualification :	B.sc

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4021909	70.46
Sub Total	4021909	70.46
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4021909	70.46
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	31019	0.54
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	1379451	24.17
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	256962	4.50
Any Others (Specify)	18659	0.33
Non Resident Indians	18227	0.32
Clearing Members	432	0.01
Sub Total	1686091	29.54
Total Public shareholding (B)	1686091	29.54
Total (A)+(B)	5708000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	5708000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing and trading in edible oil and pulses.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Central Bank of India, Pune
• Corporation Bank, Pune

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Loans Repayable on Demand	8.950	27.836
Total	8.950	27.836

Banking Relations :	--
Auditors :
Name :	M. Z. Gandhi and Company Chartered Accountant
Address :	103, Ekta Complex, Sadashiv Peth, Pune – 411030, Maharashtra, India

CAPITAL STRUCTURE

As on 22.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5708000	Equity Shares	Rs.10/- each	Rs. 57.080 Million

Details of Shareholders Holding More Than 5% Shares In The Company

Name of Shareholders	31^st March, 2012
	No. of Share held	% of Holding
Deepchand Kesharchand Parakh	336810	5.90
Jalamchand Kesharchand Parakh	336700	5.90
Meera Sujeet Parakh	293960	5.15
Rajashree Sunil Parakh	293710	5 15
Sujit Deepchand Parakh	451850	7.92
Sunil Deepchand Parakh	286300	5.02
Sunil Deepchand Parakh (HUF)	321200	5.63
Swapnil Jalamchand Parakh	355550	6.23

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		57.080	57.080	57.080
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		133.230	116.394	98.788
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		190.310	173.474	155.868
LOAN FUNDS
1] Secured Loans		8.950	27.836	17.500
2] Unsecured Loans		0.000	50.000	80.000
TOTAL BORROWING		8.950	77.836	97.500
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		199.260	251.310	253.368
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		104.592	106.597	112.835
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	105.024	162.693	167.101
	Sundry Debtors	57.524	67.688	101.978
	Cash & Bank Balances	11.448	214.958	118.888
	Other Current Assets	9.465	12.281	0.000
	Loans & Advances	2.085	5.462	47.722
Total Current Assets		185.546	463.082	435.689
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	71.664	297.493	240.199
	Other Current Liabilities	18.227	19.752	8.807
	Provisions	0.987	1.124	46.150
Total Current Liabilities		90.878	318.369	295.156
Net Current Assets		94.668	144.713	140.533
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		199.260	251.310	253.368

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2799.016	2740.558	3660.625
		Other Income	6.777	5.749	7.269
		TOTAL (A)	2805.793	2746.307	3667.894
Less	EXPENSES
		Production And Other Direct Expenses	1391.837	1471.759
		Purchase Of Trade Goods	1360.440	1141.657
		(Increase)/Decreases In Inventories Of Finished Goods	(42.257)	29.676
		Employee Benefit Expenses	14.948	14.600
		Other Expenses	18.200	20.352
		Directors Remuneration	1.454	1.224
		Exceptional Items	1.966	0.000
		TOTAL (B)	2746.588	2679.268	3608.802
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I		59.205	67.039	59.092
Less	FINANCIAL EXPENSES (D)		12.034	16.081	11.210
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		47.171	50.958	47.882
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.579	14.535	13.166
	PROFIT BEFORE TAX (E-F) (G)		33.592	36.423	34.716
Less	TAX (H)		11.000	12.000	11.000
	PROFIT AFTER TAX (G-H) (I)		22.592	24.423	23.716
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		104.293	88.188	71.786
Add	EXCESS PROVISION OF TAXES WRITTEN BACK		0.236	0.000	0.000
Less	SHORT PROVISION OF TAX OF EARLIER YEAR W/OFF		0.021	0.828	0.304
Less	APPROPRIATIONS
		Transfer to General Reserve	1.500	1.500	1.000
		Dividend	5.137	5.137	5.137
		Tax on Dividend	0.833	0.853	0.873
	BALANCE CARRIED TO THE B/S		119.630	104.293	88.188
	EARNINGS IN FOREIGN CURRENCY		0.000	112.989	0.000
	IMPORTS		873.647	1123.108	1523.435
	Earnings Per Share (Rs.)		3.95	4.13	4.15

QUARTERLY / SUMMARISED RESULTS

	30.06.2012	30.09.2012	31.12.2012
PARTICULARS (Rs. Million)	1^stQuarter	2^nd Quarter	3^rd Quarter
Audited / UnAudited	UnAudited	UnAudited	UnAudited
Net Sales	480.000	969.200	1756.500
Total Expenditure	471.200	956.100	1742.100
PBIDT (Excl OI)	8.800	13.100	14.400
Other Income	3.000	0.400	2.700
Operating Profit	11.900	13.500	17.100
Interest	0.400	0.300	0.100
Exceptional Items	0.000	0.000	0.000
PBDT	11.500	13.200	17.000
Depreciation	3.400	3.300	3.500
Profit Before Tax	8.100	9.900	13.500
Tax	2.400	2.800	3.800
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	5.700	7.100	9.700
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	5.700	7.100	9.700

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.80	0.89	0.65
Net Profit Margin (PBT/Sales)	(%)	1.20	1.33	0.95
Return on Total Assets (PBT/Total Assets}	(%)	1.58	6.39	6.33
Return on Investment (ROI) (PBT/Networth)		0.18	0.21	0.22
Debt Equity Ratio (Total Debt /Networth)		0.05	0.45	0.62
Current Ratio (Current Asset/Current Liability)		2.04	1.45	1.48

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	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	Yes

Unsecured Loan :

Particular	As on 31.03.2012	As on 31.03.2011
Loans repayable on demand	0.000	50.000
Total	0.000	50.000

OPERATIONS :

The operations have resulted in asaies turnover of Rs. 2799.017millions as compared with Rs. 2740.558 millions in the previous year. Profit after tax was Rs. 22.592 millions compared with Rs. 24.423 millions in the previous year. The detail on segment wise operational performance is given in Report on Management's Discussion and Analysis (Annexure II). During the period, the manufacturing facility hitherto situated at Gat No. 285/266, Nanekarwadi, Chakan, Tai. Khed, Dist. Pune 410501, Maharashtra were shifted to larger premises of E 2, Kurkumbh MIDC, Kurkumbh, Tai. Daund, Dist. Pune -413801, Maharashtra. This would ensure greater synergyofoperations.

CURRENT YEAR'S WORKING :

Working results during the first three months of thecurrent year are encouraging.

INDUSTRY STRUCTURE AND DEVELOPMENTS :

The products of the Company fait into two segments namely oil and food gratns.The oil industry consists of several players, both organized and unorganized Severe recessionary conditions in previous years have taken a toll of some of these players and as mentioned In the previous annual report, the oil Industry continues to be in the grip of a severe recession, which may persist for a year or two. Both oil and food grains depend to a large extent on the monsoons and a favorable monsoon would have a significant impact on both the industries. Segment-wise or product-wise performance.

OUTLOOK :

The future outlook particularly In the area of food grains is encouraging. However, given international trends, the oil division may come under some pressure, on account of low margins prevalent.

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. 53.95
UK Pound	1	Rs. 83.81
Euro	1	Rs. 70.50

INFORMATION DETAILS

Report Prepared by :

ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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
DEFAULTER
--RBI	YES/NO	No
--EPF	YES/NO	No
TOTAL		44

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.