MIRA INFORM REPORT

Report Date :

17.10.2013

IDENTIFICATION DETAILS

Name :	MANDAL EDIBLE PRODUCTS PRIVATE LIMITED
Registered Office :	Village Joal Bhanga, P.O. Dahijuri, Jhargram – 721504, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.07.2006
Com. Reg. No.:	21-110746
Capital Investment / Paid-up Capital :	Rs. 6.288 Millions
CIN No.: [Company Identification No.]	U01409WB2006PTC110746
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Edible Oil.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 245000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit of the company appears to be low. However, liquidity position of the company appears to be good. Sales of the company has increased in the year 2012. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Biplab Mandal
Designation :	Director
Contact No.:	91-9434036245
Date :	15.10.2013

LOCATIONS

Registered Office/ Factory :	Village Joal Bhanga, P.O. Dahijuri, Jhargram – 721504, West Bengal, India
Tel. No.:	91-3221-251422
Mobile No.:	91-9434036245 (Mr. Biplab Mandal)
Fax No.:	91-3221-251422
E-Mail :	biplabmandal@yahoo.com mandaledibleproducts@yahoo.com
Location :	Owned
Branch :	Jamda, Jhargram, Midnapur - 721507, West Bengal, India

DIRECTORS

As on 28.09.2012

Name :

Mr. Biplab Mandal

Designation :

Director

Address :

Jamda P.O. Jhargram, Paschim Medinipur – 721507, West Bengal, India

Date of Birth/Age :

12.09.1967

Date of Appointment :

25.07.2006

DIN No.:

00643827

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U01409WB2006PTC110746	MANDAL EDIBLE PRODUCTS PRIVATE LIMITED	Director	25/07/2006	25/07/2006	-	Active	NO
2	U51109WB2008PTC125968	DHANLAXMI SALES PRIVATE LIMITED	Director	03/06/2008	03/06/2008	-	Active	NO
3	U52190WB2011PTC168065	ARANYAK VYAPAAR PRIVATE LIMITED	Director	23/09/2011	23/09/2011	-	Active	NO

Name :

Mr. Bhabatosh Mandal

Designation :

Director

Address :

Jamda P.O. Jhargram, Paschim Medinipur – 721507, West Bengal, India

Date of Birth/Age :

13.01.1941

Date of Appointment :

25.07.2006

DIN No.:

00643784

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U01300WB1994PTC064236	GRAMI AGRO PRIVATE LIMITED	Managing director	16/07/1998	16/07/1998	-	Active	NO
2	U51109WB1997PTC083960	POLTU SECURITIES PRIVATE LIMITED	Managing director	04/12/2003	04/12/2003	-	Active	NO
3	U01409WB2006PTC110746	MANDAL EDIBLE PRODUCTS PRIVATE LIMITED	Director	25/07/2006	25/07/2006	-	Active	NO
4	U51109WB2007PTC119419	BAISAKHI TIE-UP PRIVATE LIMITED	Director	14/12/2009	14/12/2009	-	Active	NO

MAJOR SHAREHOLDERS

As on 28.09.2012

Names of Shareholders	No. of Shares
Bhabatosh Mandal	50000
Biplab Mandal	376000
Kuntala Mandal	56000
Rajarshi Mandal	24000
Saptarshi Mandal	24000
Modern Finance Company Private Limited, India	98800
Total	628800

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Bodies corporate	15.71
Directors or relatives of Directors	84.29
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Edible Oil.
Products :	Edible Oil and Allied Products
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

· Axis Bank Limited, Midnapur Branch, 37/3, Station Road, District Paschim Midinipur, Midnipur – 721101, West Bengal, India

· HDFC Bank, Stephen House, Kolkata – 700001, West Bengal, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Axis Bank (Working Capital Borrowing) (Secured by hypothecation of stock and pledge of fixed deposits)	0.936	14.851
From State Bank of India – Jhargram Branch (Against Lien of FD)	2.402	6.820
From State Bank of India – Daihousie Branch (Against Lien of FD)	0.449	0.004
Total	3.787	21.675

Banking Relations :	--
Auditors :
Name :	Sukomal Ghose Chartered Accountants
Address :	Andul Purbapara, Andul, Howrah – 711302, West Bengal, India
Sister Concerns :	· Mandal Agro Industries · Grami Agro Private Limited

CAPITAL STRUCTURE

As on 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs. 10/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
628800	Equity Shares	Rs. 10/- each	Rs. 6.288 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	6.288	6.288
(b) Reserves & Surplus	54.922	54.119
(c) Money received against share warrants	0.000	0.000
	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	61.210	60.407
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	3.787	21.675
(b) Trade payables	3.327	2.213
(c) Other current liabilities	0.008	0.000
(d) Short-term provisions	0.326	0.703
Total Current Liabilities (4)	7.448	24.591
TOTAL	68.658	84.998
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.038	23.238
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	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	4.540	4.540
(e) Other Non-current assets	0.083	0.107
Total Non-Current Assets	24.661	27.885
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	28.006	34.618
(c) Trade receivables	4.057	2.989
(d) Cash and cash equivalents	10.413	15.286
(e) Short-term loans and advances	1.521	4.220
(f) Other current assets	0.000	0.000
Total Current Assets	43.997	57.113
TOTAL	68.658	84.998

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.288
2] Share Application Money		0.000
3] Reserves & Surplus		53.885
4] (Accumulated Losses)		0.000
NETWORTH		60.173
LOAN FUNDS
1] Secured Loans		10.362
2] Unsecured Loans		6.848
TOTAL BORROWING		17.210
DEFERRED TAX LIABILITIES		0.000
TOTAL		77.383
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.010
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		4.226
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.321
	Sundry Debtors	2.857
	Cash & Bank Balances	7.184
	Other Current Assets	15.659
	Loans & Advances	5.283
Total Current Assets		53.304
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.656
	Other Current Liabilities	0.023
	Provisions	0.599
Total Current Liabilities		7.278
Net Current Assets		46.026
MISCELLANEOUS EXPENSES		0.121
TOTAL		77.383

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	101.193	44.930	108.533
		Other Income	1.158	1.570	1.435
		TOTAL	102.351	46.500	109.968
Less	EXPENSES		98.036	42.332	108.024
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.315	4.168	1.944
Less/ Add	DEPRECIATION/ AMORTISATION		3.291	3.829	0.947
	PROFIT/(LOSS) BEFORE TAX		1.024	0.339	0.997
Less	TAX		0.222	0.105	0.188
	PROFIT/(LOSS) AFTER TAX		0.802	0.234	0.809
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.447	5.213	4.404
	BALANCE CARRIED TO THE B/S		6.249	5.447	5.213
	Earnings Per Share (Rs.)		1.28	0.37	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.78	0.50	0.73
Net Profit Margin (PBT/Sales)	(%)	1.01	0.75	0.91
Return on Total Assets (PBT/Total Assets}	(%)	2.10	0.54	1.2
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.02
Debt Equity Ratio (Total Debt /Networth)		0.06	0.36	0.28
Current Ratio (Current Asset/Current Liability)		5.90	2.32	7.32

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 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	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	No

PERFORMANCE:

During the year the company could increase its volume of business to some extent compare to previous year but still it is far below the capacity at which it could operate. However, the directors are trying hard to increase the volume during the current year and achieve higher profit.

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10246327	24/09/2010	15,000,000.00	AXIS BANK LIMITED	MIDNAPUR BRANCH, 37/3, STATION ROAD, DIST. PASCHIM MEDINIPUR, MIDNAPUR, West Bengal - 721101, INDIA	A97454912

FIXED ASSETS:

· Building and Shed

· Plant and Machinery

· Fax Machine

· Office furniture

· Computer

· Motor Cycle

· Water Softer

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. 61.69
UK Pound	1	Rs. 98.59
Euro	1	Rs. 83.67

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.