MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	SONIC BIOCHEM EXTRACTIONS LIMITED (w.e.f. 26.03.2003)
Formerly Known As :	SONIC BIOCHEM EXTRACTIONS PRIVATE LIMITED
Registered Office :	38, Patel Nagar, Indore - 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.11.1995
Com. Reg. No.:	10-010167
Capital Investment / Paid-up Capital :	Rs. 173.250 Millions
CIN No.: [Company Identification No.]	U24211MP1995PLC010167
TAN No.: [Tax Deduction & Collection Account No.]	BPLS02039C
PAN No.: [Permanent Account No.]	AABCS5326B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Seller of Non GMO Soya Ingredients.
No. of Employees :	Not Available

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 2298000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of Matlani Group India. It is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions. Note: The management of the company has changed its financial year ending from 30.06.2012 to 31.03.2013.

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit (BB+)
Rating Explanation	Moderate risk of default.
Date	September 23, 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 :	38, Patel Nagar, Indore - 452001, Madhya Pradesh, India
Tel. No.:	91-731-3011400
Fax No.:	91-731-2462564/ 3011464
E-Mail :	gsm@sonicbiochem.co.in spotdeal@rediffmail.com rkewliya@sonicbiochem.co.in
Website :	http://www.sonicbiochem.co.in

DIRECTORS

AS ON 29.12.2012

Name :

Mr. Girish Matlani

Designation :

Managing director

Address :

38, Patel Nagar, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

15.07.1959

Qualification :

M.Com

Date of Appointment :

15.06.2010

PAN No.:

ACLPM6822H

DIN No.:

02046220

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	U45201MP1995PLC009119	PARK AVENUE BUILDING LIMITED	Director	01/03/1995	01/03/1995	Active	NO
2	U24211MP1995PLC010167	SONIC BIOCHEM EXTRACTIONS LIMITED	Managing director	15/06/2010	15/06/2005	Active	NO
3	U01112MP1979NPL001559	SOYABEEN PROCESSORS ASSOCIATION OF INDIA	Director	30/09/2006	30/09/2006	Active	NO
4	U45201MH2008PTC180521	SKM INFRASTRUCTURE & FOOD PARK PRIVATE LIMITED	Director	27/03/2008	27/03/2008	Active	NO
5	U31101MP1986PTC003462	SONIC ELECTROCHEM PRIVATE LIMITED	Director appointed in casual vacancy	06/01/2010	06/01/2010	Active	NO
6	U45200MH2005PTC155215	MERINO SHELTERS PRIVATE LIMITED	Additional director	15/09/2013	15/09/2013	Active	NO
7	L99999MH1988PLC047408	MAN INDUSTRIES (INDIA) LIMITED	Additional director	15/09/2013	15/09/2013	Active	NO
8	U70101MH2006PLC164930	MAN INFRAPROJECTS LIMITED	Director	20/09/2013	15/09/2013	Active	NO

Name :

Mr. Shailesh Shah

Designation :

Whole-time director

Address :

EH-3, Scheme No. 54, Vijay Nagar, Indore - 452010, Madhya Pradesh, India

Date of Birth/Age :

04.06.1958

Qualification :

M.Com, FICWAI

Date of Appointment :

15.06.2010

PAN No.:

AEXPS8334Q

DIN No.:

00806513

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	U31101MP1986PTC003462	SONIC ELECTROCHEM PRIVATE LIMITED	Director	20/01/1997	20/01/1997	Active	NO
2	U24211MP1995PLC010167	SONIC BIOCHEM EXTRACTIONS LIMITED	Whole-time director	15/06/2010	01/04/1999	Active	NO
3	U45201MH2008PTC180521	SKM INFRASTRUCTURE & FOOD PARK PRIVATE LIMITED	Director	27/03/2008	27/03/2008	Active	NO

Name :

Mrs. Chandni Matlani

Designation :

Director

Address :

38, Patel Nagar, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

26.03.1964

Qualification :

BA

Date of Appointment :

28.12.2010

PAN No.:

ACVPM2678P

DIN No.:

02060326

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	U31101MP1986PTC003462	SONIC ELECTROCHEM PRIVATE LIMITED	Director	01/07/1994	01/07/1994	Active	NO
2	U24211MP1995PLC010167	SONIC BIOCHEM EXTRACTIONS LIMITED	Director	28/12/2010	09/10/2009	Active	NO

Name :

Mr. Suresh Itapu

Designation :

Director

Address :

W1A-062, Wellington Estate, DLF-V, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

01.07.1966

Qualification :

B.S.,M.S., PHD in Food Technology

Date of Appointment :

28.12.2010

DIN No.:

02937601

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	U24211MP1995PLC010167	SONIC BIOCHEM EXTRACTIONS LIMITED	Director	28/12/2010	15/02/2010	Active	NO
2	U74140DL2010PTC200636	NUTRITECH CONSULTING SERVICES PRIVATE LIMITED	Director	23/03/2010	23/03/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajendra Kewliya
Designation :	Secretary
Address :	2710, Sector –E, Sudama Nagar, Indore - 452009, Madhya Pradesh, India
Date of Appointment :	15.06.2005
PAN No.:	ACPPK3489A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.12.2012

Names of Equity Shareholders	No. of Shares
Girish Matlani	5972540
Sheeladevi Matlani	2239345
Chandnidevi Matlani	1210860
Girish Matlani HUF	315000
Aakash Matlani	1021865
Vineeta Matlani	87870
Hina Matlani	87870
Sonic Electrochem Private Limited, India	3492785
Harsh Matlani	1021865
Ratna Ramnani	100000
Sadhna Keswani	100000
Sonam Lalwani	100000
Richa Bagga	100000
Mohan Matlani	25000
Lalit Kumar Matlani	12500
Kishore Kumar Matlani	12500
Roselabs Industries Limited, India	25000
Total	15925000

Names of Preference Shareholders	No. of Shares
Chandni Devi Matlani	140000
Aakash Matlani	175000
Harsh Matlani	25000
Sonic Electrochem Private Limited, India	200000
Sheeladevi Matlani	380000
Girish Matlani	480000
Total	1400000

AS ON 29.12.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	22.09
Directors or relatives of directors	77.91
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Non GMO Soya Ingredients.

Products/ Services :

ITC Code No.	Product Descriptions
12081000	All Type of Soya Flour, Flacks, Grits etc
21061000	Textured Vegetable Protein
29232010	Soya Lecithin Liquid, Soya Lecithin Powder
29232010	Choline

PRODUCTION STATUS (AS ON 30.06.2012)

Particulars	Unit	Installed Capacity	Actual Production
Essential oil	MT	12.000	0.000
Soya doc/hulls/flakes/grits	MT	193,655.000	83,587.178
Crude soya oil	MT	41,400.000	14,862.749
Soya flour	MT	55,175.000	38,052.698
Soya textured/vegetable protein	MT	33,300.000	15,834.890
Soya protein concentrate	MT	7,311.000	1,353.655
Soya lecithin liquid	MT	18,400.000	6,922.121
Soya lecithin powder/granules	MT	1,000.000	267.320
Phosphatidylcholine 35/70	MT	1,015.000	139.930
Tocopherol	MT	162.000	0.000

Note:

1) Production/Receipts include job work receipt, trade purchase etc. if any.

2) Likewise turnover & dispatches include captive transfers, job work issue/dispatches and trade sales etc. if any.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, Nr. GPO, AB Road, Indore - 452001, Madhya Pradesh, India

Punjab National Bank, MCB Siyaganj Branch, Indore - 452001, Madhya Pradesh, India

State Bank of Indore, Industrial Finance Branch, Khel Prashal, Indore - 452001, Madhya Pradesh, India

Central Bank of India Limited, Corporate Finance Branch, Siya Ganj Branch, Indore - 452001, Madhya Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	30.06.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks [Hypothecation/ pledge of entire fixed assets]	341.050	385.000
Term loans from others [Director personal guarantee, Corporate guarantee]	24.721	35.722
Other loans and advances	4.205	0.689
SHORT TERM BORROWINGS
Working capital loans from banks [Hypothecation/pledge of all current assets]	616.874	490.806
Total	986.850	912.217

Banking Relations :	--
Auditors :
Name :	M. Mehta and Company Chartered Accountants
Address :	23, R K Puram Colony Behind Hotel Amaltas, A.B. Road, Indore – 452001, Madhya Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AAGFM2167A
Associates :	· Sonic Electrochem Private Limited [U31101MP1986PTC003462] SKM Infrastructure and Food Park Private Limited [U45201MH2008PTC180521]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
16,100,000	Equity Shares	Rs. 10/- each	Rs. 161.000 Millions
1,600,000	Preference Shares	Rs. 10/- each	Rs. 16.000 Millions
	Total		Rs. 177.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15,925,000	Equity Shares	Rs. 10/- each	Rs. 159.250 Millions
1,400,000	Preference Shares	Rs. 10/- each	Rs. 14.000 Millions
	Total		Rs. 173.250 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013 (9 Months)	30.06.2012 (12 Months)	30.06.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	173.250	173.250	164.250
(b) Reserves & Surplus	401.337	362.005	248.020
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	574.587	535.255	412.270
(3) Non-Current Liabilities
(a) long-term borrowings	409.359	461.365	467.354
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	409.359	461.365	467.354
(4) Current Liabilities
(a) Short term borrowings	625.874	499.306	468.256
(b) Trade payables	315.171	292.427	282.472
(c) Other current liabilities	65.279	54.624	124.470
(d) Short-term provisions	55.175	61.512	1.737
Total Current Liabilities (4)	1061.499	907.869	876.935
TOTAL	2045.445	1904.489	1756.559
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	891.360	902.059	920.488
(ii) Intangible Assets	0.269	0.291	0.321
(iii) Capital work-in-progress	0.000	4.756	14.411
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.500	0.500	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	15.300	16.954	21.536
(e) Other Non-current assets	1.030	1.187	1.638
Total Non-Current Assets	908.459	925.747	958.394
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	621.749	510.895	464.942
(c) Trade receivables	470.307	434.812	304.850
(d) Cash and cash equivalents	28.644	21.512	15.695
(e) Short-term loans and advances	13.746	10.263	12.300
(f) Other current assets	2.540	1.260	0.378
Total Current Assets	1136.986	978.742	798.165
TOTAL	2045.445	1904.489	1756.559

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013 (9 Months)	30.06.2012 (12 Months)	30.06.2011
	SALES
		Revenue from operations	2806.230	3761.457	2858.219
		Other Income	1.988	1.509	0.855
		TOTAL (A)	2808.218	3762.966	2859.074
Less	EXPENSES
		Cost of materials consumed	2294.552	2937.011	2461.026
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(50.787)	48.779	(135.863)
		Employee benefit expense	61.867	82.309	71.652
		Other expenses	288.870	427.773	326.624
		TOTAL (B)	2594.502	3495.872	2723.439
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		213.716	267.094	135.635
Less	FINANCIAL EXPENSES (D)		132.712	178.546	148.305
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		81.004	88.548	(12.670)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.144	47.953	35.122
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		43.860	40.595	(47.792)
Less	TAX (H)		4.529	7.610	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		39.331	32.985	(47.792)
	EARNINGS IN FOREIGN CURRENCY
		Export sales	NA	1337.968	1162.594
	IMPORTS
		Raw Materials		32.985	17.567
		Components and Spare Parts		1.139	1.451
	TOTAL IMPORTS		NA	34.124	19.018
	Earnings/ (Loss) Per Share (Rs.)		2.47	2.07	(2.95)

KEY RATIOS

PARTICULARS		31.03.2013 (9 Months)	30.06.2012 (12 Months)	30.06.2011
PAT / Total Income	(%)	1.40	0.88	(1.67)
Net Profit Margin (PBT/Sales)	(%)	1.56	1.08	(1.67)
Return on Total Assets (PBT/Total Assets}	(%)	2.14	2.14	(2.74)
Return on Investment (ROI) (PBT/Networth)		0.08	0.08	(0.12)
Debt Equity Ratio (Total Debt/Networth)		1.80	1.79	2.27
Current Ratio (Current Asset/Current Liability)		1.07	1.08	0.91

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	Yes
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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10408474	29/01/2013	50,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, NEAR GPO, AB ROAD, INDORE - 452001, MADHYA PRADESH, INDIA	B69771509
2	10209116	24/02/2012 *	49,500,000.00	TECHNOLOGY DEVELOPMENT BOARD	WING-A, GROUND FLOOR, VISHWAKARMA BHAVAN, SHAHEED JEET SINGH MARG, NEW DELHI - 110016, INDIA	B36267847
3	10059563	11/01/2013 *	150,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, NEAR GPO, AB ROAD, INDORE - 452001, MADHYA PRADESH, INDIA	B69701761
4	10025676	11/01/2013 *	310,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, NEAR GPO, AB ROAD, INDORE - 452001, MADHYA PRADESH, INDIA	B69773638
5	90201760	11/01/2013 *	810,700,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, NEAR GPO, AB ROAD, INDORE - 452001, MADHYA PRADESH, INDIA	B69767192

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	30.06.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	39.383	39.954
SHORT TERM BORROWINGS
Other loans and advances	9.000	8.500
Total	48.383	48.454

OPERATIONS

During the period of nine months sales / other income of the company are at Rs.2808.218 Millions as compared to last year of Rs.3762.966 Millions. The company has earned net profit of Rs.39.331 Millions during the period of nine months as against previous year of Rs.32.985 Millions.

CONTINGENT LIABILITIES:

In the opinion of management following contingent liabilities remained unprovided as on the last day of the period:

In respect of counter guarantees / acceptances against letter of credit and bank guarantees issued by the bank at company's request Rs.153.266 Millions net of margin money / security deposit as on 31.03.13 (previous year Rs.44.370 Millions).

The consortium of banks during preceding years had rescheduled / restructured its term and other loans to the company and as part of terms for agreeing to do so, had reserved its right of re-companse as per which company is contingently liable to re-compensate bank for its loss of profit and/or opportunity, becoming due as and when the company recover from suppressed business situation and conditions.

The unexpired amount of acceptances covered by its guarantee for discounting the bills of its suppliers in the ordinary course of business Rs.43.341 Millions (previous year Rs.80.657 Millions).

In respect of purchase tax liability of Rs.12.520 Millions for the period from 13.12.04 to 31.03.06 under section 10B of MPCT Act, 1994 and under notification No.108 and/ or 43 to the company as per details given in clause 9 (b) 1,2 and 4 of CARO appended here with of even date (previous year Rs.17.189 Millions) and in respect of sales tax /VAT/CST/entry tax demand of Rs.8.775 Millions (previous year Rs.9.200 Millions).

Company has availed eligibility for sales / commercial / VAT tax and entry tax exemption in respect of its units at Mandsaur under EOU and other schemes formulated by Govt. of MP vide their letter No. 70/FA/(5)/2006/810 dtd.12.12.2007 for sales tax exemption and letter No. 10/FA/(7)/2006/371 dtd. 20.06.08 for entry tax exemption which are subject to observation/ compliance of rules and condition governing such exemption.

In respect of excise duty /service tax/ Income tax demand of Rs.9.439 Millions (previous year Rs.11.921 Millions) disputed in appeal.

In respect of corporate guarantee given to Axis bank to secure bill discounting facility granted to its various raw material suppliers up to Rs 450.000 Millions in terms of its sanction letter no AXISB/ABC/IND/12-13/96 dtd June 19, 2012. The bills so accepted and discounted and remain outstanding as on 31.03.13 – Rs.21.700 Millions (Previous year Rs 25.900 Million)

In respect of corporate guarantee given to ICICI bank to secure bill discounting facility granted to its various raw material suppliers up to Rs 50.000 Millions in terms of its sanction letter no W311295132461 dtd July 12, 2012. The bills so accepted and discounted and remain outstanding as on 31.03.13 – Rs.21.600 Millions (Previous year Rs 54.700 Millions)

As informed and certified by management there are no other claims against company which remain to be acknowledged as debts.

The company has policy of hedging its currency and commodity risks through forward markets. The company has following un-squared up aggregate short term positions (maturing within one year) of sale / purchase as at period end in these segments as tabulated under:

(A) Name of currency	31.03.2013 (Rs. In Millions)	30.06.2012 (Rs. In Millions)
US Dollars sold against its export sales in forward markets – Equivalent value in Rs. Millions	822.800	412.500
(B) Name of commodity
Contract value of soya bean seed purchased (consumed as main raw material) – Rs. Millions	92.700	219.600
Amt deposited as security margin for raw material-Rs. Millions	8.400	33.200

In respect of its liability for cess payable under Biological Diversity Act 2002 for which company is served initial notice dtd 15.3.13 received on 19.3.13. However no final liability by way of order passed is communicated quantifying the amount payable or the time permitted for payment etc.

FIXED ASSETS:

· Land

Buildings

Office building

Other building

Plant and equipment

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipment

Other equipment

Brands and trade marks

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. 63.30
UK Pound	1	Rs. 101.36
Euro	1	Rs. 84.60

INFORMATION DETAILS

Report Prepared by :

BVA

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	4
--LIQUIDITY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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	--

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.