MIRA INFORM REPORT

Report Date :

25.10.2013

IDENTIFICATION DETAILS

Name :	PRAGATI EDIBLE PROCESSING PRIVATE LIMITED
Registered Office :	55/1B, Strand Road, 2^nd Floor, Vinayak Complex, Kolkata – 700 006, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.11.2007
Com. Reg. No.:	21-120737
Capital Investment / Paid-up Capital :	Rs.5.552 Millions
CIN No.: [Company Identification No.]	U15311WB2007PTC120737
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of Rice.
No. of Employees :	23 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 274000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. External borrowing of the company has increased. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some 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 – 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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating=B-
Rating Explanation	Risk prone credit quality and very high credit risk.
Date	10.10.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating=A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	10.10.2013

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.

INFORMATION PARTED BY

Name :	Mr. Saurabh Agarwal
Designation :	Accounts Manager
Contact No.:	91-33-22591066
Date :	23.10.2013

LOCATIONS

Registered Office :	55/1B, Strand Road, 2^nd Floor, Vinayak Complex, Kolkata – 700 006, West Bengal, India
Tel. No.:	91-33-22591066/ 22591055
Fax No.:	91-33-22591952
E-Mail :	pragatiedible@gmail.com
Location :	Owned
Factory :	Village-Kasia, P.O. Jakpur, District Paschim Midnapore, West Bengal, India
Tel. No.:	91-3222-291093/ 94/ 83

DIRECTORS

AS ON 29.09.2013

Name :

Mr. Purushottam Agarwal

Designation :

Director

Address :

246/247, Block-A, Lake Town, Kolkata – 700 089, West Bengal, India

Date of Birth/Age :

09.11.1966

Date of Appointment :

30.11.2007

DIN No.:

00848789

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	U01409WB1995PTC072025	PRAGATI AGRI PRODUCTS PRIVATE LIMITED	Director	08-06-95	08-06-95	28-09-12	Active	NO
2	U15311WB2007PTC120737	PRAGATI EDIBLE PROCESSING PRIVATE LIMITED	Director	30-11-07	30-11-07	-	Active	NO
3	U01400WB2008PTC127367	SKM AGRO PRIVATE LIMITED	Director	10-07-08	10-07-08	-	Active	NO
4	U51909WB2009PTC137866	PAN TRADECOM PRIVATE LIMITED	Director	19-08-09	19-08-09	-	Active	NO
5	U52100WB2010PTC143491	MAJESTICK DEALTRADE PRIVATE LIMITED	Director	16-04-10	16-04-10	-	Active	NO

Name :

Mr. Sunil Kumar Agarwal

Designation :

Director

Address :

36, Maharshi Debendra Road, 2^nd Floor, Kolkata – 700 006, West Bengal, India

Date of Birth/Age :

15.06.1969

Date of Appointment :

30.11.2007

DIN No.:

01266529

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	U01409WB1995PTC072025	PRAGATI AGRI PRODUCTS PRIVATE LIMITED	Director	02-02-07	02-02-07	Active	NO
2	U15311WB2007PTC120737	PRAGATI EDIBLE PROCESSING PRIVATE LIMITED	Director	30-11-07	30-11-07	Active	NO
3	U01400WB2008PTC127367	SKM AGRO PRIVATE LIMITED	Director	08-09-08	08-09-08	Active	NO
4	U51909WB2009PTC137868	SMS AGRICOM PRIVATE LIMITED	Director	19-08-09	19-08-09	Active	NO
5	U52390WB2010PTC144028	GANGAUR BARTER PRIVATE LIMITED	Director	16-04-10	16-04-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Saurabh Agarwal
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Purushottam Agarwal	100000
Sunil Kumar Agarwal	72000
Pan Tradecom private Limited, India	180000
Majestick Dealtrade Private Limited, India	190000
Purushottam Agarwal (HUF)	200
Neelam Agarwal	200
Ashiana Dealtrade Private Limited, India	1750
Akashdeep Suppliers Private Limited, India	2500
Avatar Suppliers Private Limited, India	2250
Victory Dealtrade Private Limited, India	2500
Chaturbhuj Suppliers Private Limited, India	3750
Total	555150

LIST OF ALLOTTESS:

AS ON 05.09.2013

Names of Shareholders	No. of Shares
Starwise Commerce private Limited, India	40323
Welknoen Infra Projects Private Limited, India	40323
Total	80646

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Bodies corporate	68.95
Directors or relatives of Directors	31.05
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Exporter of Rice.
Products :	· Rice – Parboiled Rice · Raw Rice · Steam Rice · Rice Bran · Rice Husk Ash · De-oiled Rice Bran · Rice Bran Oil · Cattle Feed
Exports :
Products :	Rice
Countries :	· Europe · Africa
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users.

No. of Employees :

23 (Approximately)

Bankers :

· HDFC Bank

· United Bank of India, Lohapatty Branch, 23/3, Maharshi Devendra Road, Kolkata – 700 007, West Bengal, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Term Loan (From United Bank of India)	52.460	49.707
Cash Credit (From United Bank of India)	29.633	0.000
Total	82.093	49.707

Banking Relations :	--
Auditors :
Name :	Dhanania and Associates Chartered Accountants
Address :	114/1A, Cotton Street, 1^st Floor, Kolkata – 700 007, West Bengal, India
Tel. No.:	91-33-22701580/ 30626365
Fax No.:	91-33-22730527
PAN No.:	ADKPD0399J

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
560000	Equity Shares	Rs. 10/- each	Rs.5.600 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
555150	Equity Shares	Rs. 10/- each	Rs.5.552 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
795796	Equity Shares	Rs. 10/- each	Rs.7.958 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	5.552	2.712
(b) Reserves & Surplus	63.012	38.643
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	68.564	41.355
(3) Non-Current Liabilities
(a) long-term borrowings	82.093	54.657
(b) Deferred tax liabilities (Net)	0.255	0.001
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	82.348	54.658
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	6.035	0.000
(c) Other current liabilities	0.012	7.695
(d) Short-term provisions	0.409	0.019
Total Current Liabilities (4)	6.456	7.714
TOTAL	157.368	103.727
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	87.561	5.532
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	4.618	71.599
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	7.843	22.958
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	100.022	100.089
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	38.026	0.000
(c) Trade receivables	2.284	0.000
(d) Cash and cash equivalents	6.915	0.143
(e) Short-term loans and advances	10.045	3.399
(f) Other current assets	0.076	0.096
Total Current Assets	57.346	3.638
TOTAL	157.368	103.727

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.585
2] Share Application Money		0.000
3] Reserves & Surplus		35.978
4] (Accumulated Losses)		0.000
NETWORTH		38.563
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		1.000
TOTAL BORROWING		1.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		39.563
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.392
Capital work-in-progress		0.536
INVESTMENT		20.000
DEFERRED TAX ASSETS		0.014
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	4.642
	Cash & Bank Balances	8.991
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		13.633
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.102
	Other Current Liabilities	0.005
	Provisions	0.001
Total Current Liabilities		0.108
Net Current Assets		13.525
MISCELLANEOUS EXPENSES		0.096
TOTAL		39.563

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	170.000 [Approximately]
		Other Income
		TOTAL	NA	0.523	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	0.229	NA
	PROFIT/(LOSS) BEFORE TAX		2.147	0.297	NA
Less	TAX		0.254	0.221	NA
	PROFIT/(LOSS) AFTER TAX		1.893	0.076	NA
	Earnings Per Share (Rs.)		3.41	NA	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	520.000

Expected Sales (2013-2014): Rs.550.000 Millions

NOTE: Activity Started From June 2012

The above information has been parted by Mr. Saurabh Agarwal (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	14.53	NA
Net Profit Margin (PBT/Sales)	(%)	1.26	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.36	2.50	NA
Return on Investment (ROI) (PBT/Networth)		0.03	0.01	NA
Debt Equity Ratio (Total Debt /Networth)		1.20	1.32	0.03
Current Ratio (Current Asset/Current Liability)		8.88	0.47	126.23

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 two years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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 LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Loan repayable on Demand	0.000	4.950
Total	0.000	4.950

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10220964	23/09/2013 *	115,287,000.00	UNITED BANK OF INDIA	LOHAPATTY BRANCH, 23/3, MAHARSHI DEVENDRA ROAD, KOLKATA – 700 007, WEST BENGAL, INDIA	B87338422

* Date of Charge Modification

FIXED ASSETS:

· Land

· Plant and Machinery

· Office Equipment

· Water Treat. Plant

· DG Set

· Electrical Installation

· Misc. Fixed Asset

· Motor Cycle

· Computer

· Civic and Building

· Furniture and Fixture

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.61.41
UK Pound	1	Rs.99.53
Euro	1	Rs.84.82

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.