MIRA INFORM REPORT

Report Date :

08.05.2013

IDENTIFICATION DETAILS

Name :	SRI ANJANEYA AGRO-TECH PRIVATE LIMITED
Registered Office :	RMC Link Road, Bamboo Bazar, Davangere-577001, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.10.2001
Com. Reg. No.:	08-029675
Capital Investment / Paid-up Capital :	Rs. 57.690 millions
CIN No.: [Company Identification No.]	U15143KA2001PTC029675
PAN No.: [Permanent Account No.]	AAGCS7428B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Edible Oil Allied Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 350000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears some loss during 2011-2012 recorded by the company. The external borrowing seems to be huge which act as a threat to the liquidity. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great caution.

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

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 :	RMC Link Road, Bamboo Bazar, Davangere-577001, Karnataka, India
Tel. No.:	91-8192-243328
Fax No.:	91-8192-243332
E-Mail :	prabhakarsb@gmail.com
Website :	www.akshathoil.com
Factory :	APMC Link Road, Haihar-577601, Karnataka, India
Tel. No.:	91-8192-272184 / 243328
Branches :	#116, Between 4^th and 5^th Main Road, Service Road, 8^th Cross, Chamrajpet, Bangalore-560018, Karnataka, India
Tel. No.:	91-80-26604418
Fax No.:	91-80-26609064

DIRECTORS

As on 24.09.2012

Name :	Mr. Athani Kotrappa Prashanth
Designation :	Managing Director
Address :	#3204, 10^th Main, 4^th Cross, Mc Colony, B Block, Davangere-577004, Karnataka, India
Date of Birth/Age :	12.05.1976
Date of Appointment :	22.10.2001
PAN No.:	AFTPP0802M
DIN No.:	01302758
Name :	Mr. Athani Channabasappa Chetak
Designation :	Director
Address :	Mathru Krupa, 1234, 34^th Cross, 4^th Main, T Block, Bangalore-560041, Karnataka, India
Date of Birth/Age :	03.11.1984
Date of Appointment :	15.03.2004
DIN No.:	01302760
Name :	Mr. Yallappa Amberker Savan
Designation :	Director
Address :	#2984, Mcc B Block, Davangere-577004, Karnataka, India
Date of Birth/Age :	27.01.1971
Date of Appointment :	22.10.2001
DIN No.:	01302761
Name :	Mr. Athani Shanthaveerappa Veeranna
Designation :	Director
Address :	#1951, Mcc Colony, A Block, Shamanur Road, Davangere-577004, Karnataka, India
Date of Birth/Age :	18.01.1964
Date of Appointment :	22.10.2001
DIN No.:	01302764
Name :	Mr. Athani Channabasappa
Designation :	Additional director
Address :	No 381/15, 42^nd Cros,9^th Main,5^th Block,Jayanagar Bg, Bangalore, Karnataka, India
Date of Birth/Age :	11.04.1950
Date of Appointment :	01.04.2010
DIN No.:	01723170
Name :	Mr. Prasad Veeranna Athani
Designation :	Additional director
Address :	Door Number 1951, MCCA Block, Davanagere-577004, Karnataka, India
Date of Birth/Age :	29.12.1984
Date of Appointment :	03.09.2010
DIN No.:	03316463

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2012

Names of Shareholders	No. of Shares
A.S Veeranna	32400
A.V Prasad	120582
The Margarine and Refined Oil (Private) Limited, India	36900
A.K Prashanth	185382
A.Channabasppa	32400
A.C Chetak	104718
A.C. Deepak	49518
A.C. Mangala	3000
Dr. Naveen Patil	1500
C.S. Kumathahalli	1500
Arun Kumathahalli	1500
A.S. Prabhakar	1500
A.S. Ashwin	1500
A.K. Neetha	1500
A.S. Shilpa	1500
Dr. Seema Patil	1500
Total	576900

As on 24.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	6.40
Directors or relatives of Directors	93.60
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Edible Oil Allied Products.

Products :

Item Code No.	Product Description
15151910	Rice Bran Refined Oil

PRODUCTION STATUS AS ON 31.03.2012

Installed capacity in TPD	Production in lakh Kgs. (Meant for sale in bulk & packaged quantities)
300/400 (150/200)	Commodities	31.03.2012
	1. Refined Oils	96.62
	2. Solvent Oils	106.25
	3. Acid Oil	5.95
	4. Gums	6.23
	5. Wax	2.04
	6. De-Oiled Bran	2.04

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of Mysore, Mandipet Branch, Davangere - 577001, Karnataka, India

• Canara Bank, Mandipet Branch, Davangere - 577001, Karnataka, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term Loans:
from Canara Bank	15.744	0.00
from State Bank of Mysore (Secured by equitable mortgage of title deeds of immovable properties viz., land, building and hypothecation of movable properties viz., plant and machineries, stocks of raw materials, work-in-process, finished goods and book debts and personal guarantees of directors)	7.015	5.488
Loan Repayable on Demand
from Canara Bank, Davangere	144.410	143.158
from Canara Bank, Harihar	4.958	4.966
from State Bank of Mysore, Davangere (Secured by equitable mortgage of title deeds of immovable properties viz., land, building and hypothecation of movable properties viz., plant and machineries, stocks of raw materials, work-in-process, finished goods, book debts, stores and spares and personal guarantees of directors.)	48.489	50.335
Total	220.616	203.947

Banking Relations :	--
Auditors :
Name :	Santhappa and Company Chartered Accountants
Address :	PB Road , Davangere – 577001, Karnataka, India
PAN No.:	AAEFS7923C

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs.100/- each	Rs. 90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
576900	Equity Shares	Rs.10/- each	Rs. 57.690 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		57.690	57.690	19.230
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		29.711	32.345	64.856
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		87.401	90.035	84.086
LOAN FUNDS
1] Secured Loans		220.616	203.947	226.161
2] Unsecured Loans		161.285	154.203	109.719
TOTAL BORROWING		381.901	358.150	335.880
DEFERRED TAX LIABILITIES		2.680	5.699	3.668
TOTAL		471.982	453.884	423.634
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		194.296	181.717	178.447
Capital work-in-progress		14.541	4.861	0.000
INVESTMENT		0.015	0.010	0.010
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	214.544	198.816	228.827
	Sundry Debtors	94.821	125.028	60.005
	Cash & Bank Balances	2.300	9.521	6.695
	Other Current Assets	2.474	2.402	0.000
	Loans & Advances	16.751	45.257	12.900
Total Current Assets		330.890	381.024	308.427
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	55.627	100.440	58.982
	Other Current Liabilities	10.099	11.283	0.000
	Provisions	2.034	2.005	4.268
Total Current Liabilities		67.760	113.728	63.250
Net Current Assets		263.130	267.296	245.177
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		471.982	453.884	423.634

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.252	18.989	9.819
Less/ Add	DEPRECIATION/ AMORTISATION		9.904	9.192	9.377
	PROFIT/ (LOSS) BEFORE TAX		(5.652)	9.797	0.442
Less	TAX		3.019	3.847	(21.428)
	PROFIT/ (LOSS) AFTER TAX		(2.633)	5.950	21.870
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.275	53.785	31.915
Less	Capitalised by Bonus issue of Equity Shares 2:1		0.000	38.460	0.000
	BALANCE CARRIED TO THE B/S		18.642	21.275	53.785
	EARNINGS IN FOREIGN CURRENCY		1.115	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		(4.56)	10.31	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	(1.08)	1.74	0.09
Return on Investment (ROI) (PBT/Networth)		(0.06)	0.11	0.01
Debt Equity Ratio (Total Debt/Networth)		4.37	3.98	3.99
Current Ratio (Current Asset/Current Liability)		4.88	3.35	4.88

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	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 "Jayalakshmi", PB road, davangere. Davangere-577002, Karnataka, India to the present address w.e.f. 01.04.2006

UNSECURED LOAN

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Loans from Directors and Shareholders	161.285	154.203
Total	161.285	154.203

FIXED ASSETS

• Freehold Land
• Factory Building
• Office Building
• Plant and Machinery
• Weigh Bridge
• Lab Equipments
• Computer and Accessories
• Furniture and Fittings
• Vehicles- Tractor
• Motor Vehicles
• Vehicles- Two Wheeler

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.54.28
UK Pound	1	Rs.84.32
Euro	1	Rs.71.00

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.