1. Summary Information

		Country	India
Company Name	VIMALA FEEDS PRIVATE LIMITED	Principal Name 1	Mr. Madhusudhan Rao Chalimeda
Status	Satisfactory	Principal Name 2	Suneela Chalimeda
		Registration #	01-030625
Street Address	H No. 3-6-356/C/301, Pavani Estate, Liberty Road, Himayat Nagar, Hyderabad – 500029, Andhra Pradesh, India
Established Date	07.12.1998	SIC Code	--
Telephone#	91-40-23222180	Business Style 1	Manufacturer
Fax #	91-40-23220869	Business Style 2	--
Homepage	NA	Product Name 1	Poultry Feed
# of employees	NA	Product Name 2	--
Paid up capital	Rs. 14,000,000/-	Product Name 3	--
Shareholders	Bodies corporate 20.90 % Directors or relatives of Directors 79.10%	Banking	Bank of India
Public Limited Corp.	NO	Business Period	15 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (48)
Related Company
Relation	Country	Company Name	CEO
Related Party :	India	Janaki Feeds Private Limite	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	119,682,000	Current Liabilities	73,262,000
Inventories	92,111,000	Long-term Liabilities	116,218,000
Fixed Assets	80,562,000	Other Liabilities	5,206,000
Deferred Assets	0,000	Total Liabilities	194,686,000
Invest& other Assets	13,067,000	Retained Earnings	96,736,000
		Net Worth	110,736,000
Total Assets	305,422,000	Total Liab. & Equity	305,422,000
Total Assets (Previous Year)	236,070,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Income (Gross)	2,118,310,000	Net Profit	22,077,000
Income (Gross) (Previous yr)	1,802,752,000	Net Profit(Prev.yr)	21,374,000

MIRA INFORM REPORT

Report Date :

18.09.2013

IDENTIFICATION DETAILS

Name :	VIMALA FEEDS PRIVATE LIMITED
Registered Office :	H No. 3-6-356/C/301, Pavani Estate, Liberty Road, Himayat Nagar, Hyderabad – 500029, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.12.1998
Com. Reg. No.:	01-030625
Capital Investment / Paid-up Capital :	Rs.14.000 Millions
CIN No.: [Company Identification No.]	U01222AP1998PTC030625
TAN No.: [Tax Deduction & Collection Account No.]	HYDV00855B
PAN No.: [Permanent Account No.]	AABCV1345B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer Poultry Feed
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 442000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relation of company reported as fair. Business is active. Payment terms are usually correct. The company can be considered for business dealing at usual trade terms and conditions.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BBB-
Rating Explanation	Moderate credit quality and average credit risk
Date	24^th June 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 / Admin. Office :	H No. 3-6-356/C/301, Pavani Estate, Liberty Road, Himayat Nagar, Hyderabad – 500029, Andhra Pradesh, India
Tel. No.:	91-40-23222180
Fax No.:	91-40-23220869
E-Mail :	vimalafeeds@gmail.com
Factory :	Survey No. 664 and 665, Lalgadi, Malakpet, (Villege), Shameetpet (Mandal), Ranga Reddy District, Hyderabad, India
Tel. No.:	91-8418-325369

DIRECTORS

As on: 26.09.2012

Name :	Mr. Madhusudhan Rao Chalimeda
Designation :	Director
Address :	#1-2-56/38, Domalaguda, Hyderabad – 500029, Andhra Pradesh, India
Date of Birth/Age :	02.08.1964
Date of Appointment :	07.12.1998
DIN No.:	00406575
Name :	Suneela Chalimeda
Designation :	Director
Address :	#1-2-56/38, Domalaguda, Hyderabad – 500029, Andhra Pradesh, India
Date of Birth/Age :	20.07.1967
Date of Appointment :	07.12.1998
DIN No.:	00406685
Name :	Mr. Anand Rao Chalimeda
Designation :	Director
Address :	#1-2-56/38, Domalaguda, Hyderabad – 500029, Andhra Pradesh, India
Date of Birth/Age :	16.10.1928
Date of Appointment :	19.11.2007
DIN No.:	01995984

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 26.09.2012

Names of Shareholders	No. of Shares
C. Anand Rao	56000
C. Venkateshwar Rao	6000
C. Venketeshwar Rao – HUF	7500
C. Kiramal	7500
C. Rajeshwara Rao	6750
C. Rajeshwara Rao – HUF	6750
C. Rajyalaxmi	7500
C. Lakshminarsimha Rao	6000
C. Lakshminarsimha Rao – HUF	7500
C. Suneela	7500
C. Madhu Sudhan Rao	6000
C. Madhu Sudhan Rao – HUF	7500
C. Kavitha	7500
Total	140000

Equity Share Break up (Percentage of Total Equity)

As on: 31.03.2012

Category	Percentage
Bodies corporate	20.90
Directors or relatives of Directors	79.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer Poultry Feed

Products :

ITC Code No.	Product/Services
23099010	Poultry Feed

s

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of India, 10-1-1199/2, 1^st Floor, PTI Building, AC Guards, Hyderabad – 500004, Andhra Pradesh, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short Term Borrowing
Term loan from bank (Hypothecation of stock, book debts and all other chargeable current assets of the company)	76.833	45.343
Loan taken for fixed assets (Hypothecation against Vehicles)	3.088	3.366
Total	116.218	83.342

Banking Relations :	--
Auditors :
Name :	B. Narsing Rao and Company Chartered Accountants
Address :	# Plot No. 554, Road No. 92, Jubilee Hills, Hyderabad – 500096, Andhra Pradesh, India
Tel. No.:	91-40-23606175
PAN No.:	AACFBI524C
Related Party :	Ø Janaki Feeds Private Limited CIN No. :U15330AP1988PTC009339 Ø Chalimeda Feeds Private Limited CIN No. :U65992AP1996PTC023293

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
375000	Equity Shares	Rs.100/- each	Rs.37.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
140000	Equity Shares	Rs.100/- each	Rs.14.000 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	14.000	14.000
(b) Reserves & Surplus	96.736	75.119
(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)	110.736	89.119
(3) Non-Current Liabilities
(a) long-term borrowings	36.297	34.633
(b) Deferred tax liabilities (Net)	4.573	4.671
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	40.870	39.304
(4) Current Liabilities
(a) Short term borrowings	79.921	48.709
(b) Trade payables	57.531	32.817
(c) Other current liabilities	15.731	15.796
(d) Short-term provisions	0.633	10.325
Total Current Liabilities (4)	153.816	107.647
TOTAL	305.422	236.070
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	79.893	79.033
(ii) Intangible Assets	0.669	0.000
(iii) Capital work-in-progress	9.958	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	3.109	2.735
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.322	1.996
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	95.951	83.764
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	92.111	47.603
(c) Trade receivables	82.145	53.096
(d) Cash and cash equivalents	25.816	11.758
(e) Short-term loans and advances	5.097	32.233
(f) Other current assets	4.302	7.616
Total Current Assets	209.471	152.306
TOTAL	305.422	236.070

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		14.000
2] Share Application Money		0.000
3] Reserves & Surplus		54.321
4] (Accumulated Losses)		0.000
NETWORTH		68.321
LOAN FUNDS
1] Secured Loans		2.383
2] Unsecured Loans		31.999
TOTAL BORROWING		34.382
DEFERRED TAX LIABILITIES		4.466
TOTAL		107.169
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		75.722
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.956
	Sundry Debtors	44.945
	Cash & Bank Balances	23.835
	Other Current Assets	11.239
	Loans & Advances	1.324
Total Current Assets		130.299
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.862
	Other Current Liabilities	53.647
	Provisions	13.363
Total Current Liabilities		98.872
Net Current Assets		31.427
MISCELLANEOUS EXPENSES		0.020
TOTAL		107.169

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income (Gross)	2118.310	1802.752	1520.534
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		56.940	49.382	43.252
	INTREST (D)		13.135	6.689	7.277
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		43.805	42.693	35.975
	DEPRECIATION/ AMORTISATION (F)		11.155	10.994	8.962
	PROFIT BEFORE TAX (E-F) (G)		32.649	31.699	27.013
	TAX (H)		10.572	10.120	8.998
	PROFIT AFTER TAX (G-H) (I)		22.077	21.374	18.015
	IMPORTS
		Raw Materials and Capital Goods	NA	169.813	Nil
	TOTAL IMPORTS		NA	169.813	Nil
	Earnings Per Share (Rs.)		157.69	151.59	128.68

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	11.19	13.58	13.11
Return on Investment (ROI) (PBT/Networth)		0.29	0.35	0.39
Debt Equity Ratio (Total Debt /Networth)		1.05	0.93	0.50
Current Ratio (Current Asset/Current Liability)		1.36	0.93	0.50

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loan:

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long Term Borrowing
Loans and advance from directors	3.366	3.188
Loans and advance from other	32.931	31.445
Total	36.297	34.633

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10145547	07/03/2013 *	282,500,000.00	BANK OF INDIA	10-1-1199/2, FIRST FLOOR, P.T.I BUILDING,, A.C. GUARDS, HYDERABAD, ANDHRA PRADESH - 500004, INDIA	B75887794
2	90116136	10/11/2001	30,000,000.00	BANK OF INDIA	KHAIRATABAD BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
3	90116108	27/06/2001	9,400,000.00	BANK OF INDIA	KHAIRATABAD BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
4	90116086	16/04/2005 *	24,000,000.00	A.P.S.F.C.	HYDERABAD, HYDERABAD, ANDHRA PRADESH, INDIA	-

* Date of charge modification

FIXED ASSETS:

Ø Land

Ø Buildings

Ø Other building

Ø Plant and equipment

Ø Factory equipments

Ø Furniture and fixtures

Ø Vehicles

Ø Motor vehicles

Ø Office equipment

Ø Computer equipments

Ø Computer software

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.63.38
UK Pound	1	Rs.100.86
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.