MIRA INFORM REPORT

Report Date :

03.04.2014

IDENTIFICATION DETAILS

Name :	KIRAN RICE AND GENERAL MILLS PRIVATE LIMITED
Registered Office :	Ravmgam Road Sanewal, Ludhiana – 141120, Punjab
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.12.1982
Com. Reg. No.:	16-005206
Capital Investment / Paid-up Capital :	Rs.2.613 Millions
CIN No.: [Company Identification No.]	U15312PB1982PTC005206
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Agro Products, Rice and Basmati Rice.
No. of Employees :	12 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 29200
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field having moderate track record. Its scale of activities are limited. Management has failed to file its financial statement after the F.Y. 2011 with the government department. Mr. Roop Singh, the Director provided information and confirmed that the company has not prepared its financial statements for F.Y. 2011-12 and 2012-13, whereas he parted that the company has reported a minimal turnover during 2013. As per available the management has seen a drastic dip in its sales volume as well as profit before tax during 2011. However, trade relations appear to be fair. Business is active. Payment terms are reported as slow. The company can be considered for small 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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. Roop Singh
Designation :	Director
Contact No.:	91-9814023044
Date :	26.02.2014

LOCATIONS

Registered Office :	Ravmgam Road Sanewal, Ludhiana – 141120, Punjab, India
Tel. No. :	91-161-2844344
Mobile No. :	91-9814023044 (Mr. Roop Singh)
Fax No. :	Not Available
E-Mail :	Skumar_080@yahoo.co.in

DIRECTORS

As on 30.09.2011

Name :	Mr. Charan Singh
Designation :	Director
Address :	V.OP. O. Sahnewal, Ludhiana – 141120, Punjab, India
Date of Appointment :	09.12.1982
DIN No. :	01056304
Name :	Mr. Roop Singh
Designation :	Director
Address :	V.OP. O. Sahnewal, Ludhiana – 141120, Punjab, India
Date of Appointment :	09.12.1982
DIN No. :	01056313
Name :	Mr. Tirlochan Singh
Designation :	Director
Address :	V.OP. O. Sahnewal, Ludhiana – 141120, Punjab, India
Date of Appointment :	01.05.2003
DIN No. :	01066946

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Charan Singh	10625
Tirlochan Singh	2780
Roop Singh	4430
Kiran Pal Singh	2550
Harbans Kaur	2005
Surinder Kaur	1005
Gurmukh Singh	5
Cahran Singh and Sons HUF	10
Roop Singh and HUF	10
Trilochan Singh and Sons	10
Kiran Pal Singh HUF	10
S. Sukhjinder Singh	760
Gurinder Kaur	10
Rajinder Kaur	10
Sukhvir Singh	1010
S. Jaswinder Singh	150
S. Jaspal Singh	150
S. Jasvir Singh	150
S. Amarvir Singh	150
S. Balwant Singh	150
S. Jagdish Singh	150
Total	26130

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	96.10
Other top fifty shareholders	3.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Agro Products, Rice and Basmati Rice.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and Other

No. of Employees :

12 (Approximately)

Bankers :

• HDFC Bank Limited, 112, 3^rd Floor, Pakhowal Road, Ludhiana, Punjab – 141001, India

Facilities :

SECURED LOANS	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Working capital borrowing from bank	8.261	10.333
Term loan from bank and financial institution	0.086	0.267
Total	8.347	10.600

Banking Relations :	--
Auditors :
Name :	Gupta Vinod Kumar and Associates Chartered Accountants
Address :	7, 2^nd Floor, Surya Shopping Arcade 7, Ludhiana – 141001, Punjab, India
Tel. No. :	91-161-405862 / 2303493
E-Mail :	guptavinodca@yahoo.co.in
PAN No. :	ABIPG5833C

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26130	Equity Shares	Rs.100/- each	Rs.2.613 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.613	2.308
2] Share Application Money		0.000	0.305
3] Reserves & Surplus		4.709	4.593
4] (Accumulated Losses)		0.000	0.000
NETWORTH		7.322	7.206
LOAN FUNDS
1] Secured Loans		8.347	10.600
2] Unsecured Loans		7.427	6.927
TOTAL BORROWING		15.774	17.527
DEFERRED TAX LIABILITIES		(0.016)	0.003
TOTAL		23.080	24.736
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.769	3.628
Capital work-in-progress		0.037	0.037
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	1.100
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.535	16.964
	Sundry Debtors	15.672	43.733
	Cash & Bank Balances	1.082	0.151
	Other Current Assets	0.000	0.000
	Loans & Advances	4.432	1.142
Total Current Assets		36.721	61.990
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.302	39.150
	Other Current Liabilities	1.071	1.041
	Provisions	0.074	1.828
Total Current Liabilities		18.447	42.019
Net Current Assets		18.274	19.971
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		23.080	24.736

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.3.2011	31.03.2010
	SALES
		Income	23.155	52.198
		Other Income	NA	NA
		TOTAL	NA	NA
Less	EXPENSES
		TOTAL	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		0.166	5.396
Less	TAX		(4.518)	0.829
	PROFIT/ (LOSS) AFTER TAX		4.684	4.567
	Earnings / (Loss) Per Share (Rs.)		179.26	174.78

Particulars	31.03.2013
Sales Turnover (Approximately)	15.000

The above information has been parted by Mr. Roop Singh

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	0.72	10.34
Return on Total Assets (PBT/Total Assets}	(%)	0.40	8.22
Return on Investment (ROI) (PBT/Networth)		0.02	0.75
Debt Equity Ratio (Total Debt/Networth)		2.15	2.43
Current Ratio (Current Asset/Current Liability)		1.99	1.47

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.308	2.613
Reserves & Surplus	4.593	4.709
Share Application Money	0.305	0.000
Net worth	7.206	7.322
Secured Loans	10.600	8.347
Unsecured Loans	6.927	7.427
Total borrowings	17.527	15.774
Debt/Equity ratio	2.432	2.154

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)
Sales	52.198	23.155
		(55.640)

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)
Sales	52.198	23.155
Profit	4.567	4.684
	8.75%	20.23%

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	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	No
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

UNSECURED LOANS

PARTICULAR	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
From directors their relatives and shareholders	7.427	6.927
Total	7.427	6.927

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10143390	10/11/2007	11,719,000.00	HDFC BANK LIMITED	112, 3RD FLOOR, PAKHOWAL ROAD, LUDHIANA, Punjab - 141001, INDIA	A51374379
2	90180883	30/11/2004	500,000.00	PUNJAB & SIND BANK	MANDPUR, MANDPUR, Punjab, INDIA	-
3	90178287	30/11/2004 *	3,000,000.00	PUNJAB & SIND BANK	MANDPUR, MANDPUR, Punjab, INDIA	-
4	90178059	04/01/2002 *	1,500,000.00	PUNJAB & SIND BANK	MANDPUR, MANDPUR, Punjab, INDIA	-
5	90178042	10/11/1999	200,000.00	PUNJAB & SIND BANK	MANDPUR, MANDPUR, Chandigarh, INDIA	-
6	90177972	20/01/2000 *	495,000.00	PUNJAB & SIND BANK	MANDPUR, MANDPUR, Punjab, INDIA	-
7	90176910	18/10/1988 *	500,000.00	PUNJAB & SIND BANK	MANDPUR, MANDPUR, Punjab, INDIA	-
8	90183541	29/03/1984	600,000.00	PUNJAB FINANCIAL CORPORATION	SECTOR 17--B, CHANDIGARH, Chandigarh, INDIA	-

* Date of charge modification

FIXED ASSETS

v Land

v Building

v Plant and Machinery

v Office Equipment

v Computer

v Trucks

v Motor Car

v Tractor and Trolly

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 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.59.65
UK Pound	1	Rs.99.21
Euro	1	Rs.82.39

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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		28

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.