MIRA INFORM REPORT

Report No. :	316148
Report Date :	07.04.2015

IDENTIFICATION DETAILS

Name :	AVI AGRI BUSINESS PRIVATE LIMITED
Registered Office :	Saket Tower, 4^th Floor, 3A, Ratlam Kothi, Indore - 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.03.2009
Com. Reg. No.:	10-021753
Capital Investment / Paid-up Capital :	Rs.173.696 Millions
CIN No.: [Company Identification No.]	U15311MP2009PTC021753
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BPLA04716F
PAN No.: [Permanent Account No.]	AAHCA6168M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing, exporting and importing of Soya extraction and edible oils and also Trading thereof.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration promoters’ extensive experience in the soya bean industry supported by established brand image and improved business risk profile of the company. Further company has also shown decent topline growth over previous year which has resulted into improvement liquidity profile and it has sound profitability margins. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree f safety and moderate credit risk
Date	26.11.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree f safety and higher credit risk
Date	26.11.2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Slvaid Vid
Designation :	General Manager
Contact No.:	91-731-252644 / 45
Date :	06.04.2015

LOCATIONS

Registered Office/ Factory :	Saket Tower, 4^th Floor, 3A, Ratlam Kothi, Indore - 452001, Madhya Pradesh, India
Tel. No.:	91-731-2526844-45
Fax No.:	91-731-4053955
E-Mail :	pkvyas@surajimpex.com akmcafiling@gmail.com slvaid@surajimpex.com legal@aviagri.com
Factory 2:	Survey No. 365-367, Village Chandukedi Tehsil and District Ujjain – 456210, Madhya Pradesh, India
Tel. No.:	91-731-4708440

DIRECTORS

As on 30.09.2014

Name :

Mr. Praveen Kumar Vyas

Designation :

Director

Address :

37, Tilak Nagar Exe. Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

28.01.1959

Date of Appointment :

23.03.2009

DIN No.:

00103686

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	U51101MP1997PTC012506	SURAJ IMPEX (INDIA) PRIVATE LIMITED	Whole-time director	01/02/2013	15/10/2004	-	Active	NO
2	U15311MP2009PTC021753	AVI AGRI BUSINESS PRIVATE LIMITED	Director	23/03/2009	23/03/2009	-	Active	NO
3	U40109MP2010PTC024726	RISHABH POWER PRIVATE LIMITED	Director	12/11/2010	12/11/2010	-	Active	NO
4	U45201MP2008PTC020643	MAX REALMART PRIVATE LIMITED	Director	30/09/2011	30/09/2011	-	Active	NO
5	U45200MP2007PTC019877	MARVAL ENTERPRISES PRIVATE LIMITED	Director	30/09/2011	30/09/2011	-	Active	NO

Name :

Mr. Mahendra Lakhichand Jalori

Designation :

Director

Address :

91/89, Vishal Deep, Shrushti, Flat No 4, 2^nd Floor TMV Colony, Gultekdi, Pune, Maharashtra, India

Date of Birth/Age :

05.05.1955

Date of Appointment :

24.03.2009

PAN No.:

ABDPJ7745H

DIN No.:

02592482

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	U15311MP2009PTC021753	AVI AGRI BUSINESS PRIVATE LIMITED	Director	24/03/2009	24/03/2009	-	Active	NO
2	U27100CT2008PTC020600	RAJSHREE POWER AND ISPAT PRIVATE LIMITED	Director	25/07/2011	21/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Slvaid Vid
Designation :	General Manager
Name :	Mr. Vipul Goyal
Designation :	Secretary
Address :	A-56, anil Naga, MR-9 Raod, Indre-452001, Madhya Pradesh , India
Date of Appointment :	04.09.2014
Date of Birth :	13.07.1986
PAN No.:	BNVPG9936L

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Mahendra Lakichand Jalori	7500	0.04
Praveen Kumar Vyas	7500	0.04
Suraj Agri Business Private Limited	3741495	21.54
Vinod kumar jain	375000	2.16
Avi jain	26250	0.15
Excel Agri Business Private Limited	7984380	45.97
Koyna Enterprises Private Limited	2137500	12.31
V. K. Jain HUF	2650000	15.26
Anita Jain	440000	2.53
Total	17369625	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	21.54
Bodies corporate	58.27
Directors or relatives of Directors	0.08
Other top fifty shareholders	20.11
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing, exporting and importing of Soya extraction and edible oils and also Trading thereof.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Machinery
Countries :	China Germany
Imports :
Countries :	Europe
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Anant Cmmodities Private :Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :

Customers :

Reference :	Mirugam Corporation
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

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

• Union Bank of India ,M. G. Road, Branch, Indre-452001, Madhya Pradesh India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Rupee Term Loans from Banks	410.548	498.762
Short Term Borrowings
Loans repayable on demand from Banks	1543.129	1294.636
Total	1953.677	1793.398

Auditors :
Name :	Ashok Khasgiwala and Company Chartered Accountants
Address :	317, Chetak Centre, "Annex", RNT Marg, Indore - 452001, Madhya Pradesh, India
Tel. No.:	91-731-2517341/3046909
E-Mail :	ashokkhasgiwala@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AFAPB2465F
Memberships :	Not Available
Collaborators :	Not Available
Related Party :	Suraj Agribusiness Pte Limited Excel Agribusiness Private Limited, India (CIN: U01403MP2008PTC020497) Suraj Impex (India) Private Limited, India (CIN: U51101MP1997PTC012506) Max Realmart Private Limited Sper Construcion (Indore) Private Limited Manikiran Commercials Private Limited Rishabh Power Private Limited Suresh Punj Salt And Storage Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17369625	Equity Shares	Rs.10/- each	Rs.173.696 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	173.696	173.696	173.696
(b) Reserves & Surplus	392.396	290.496	150.871
(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)	566.092	464.192	324.567
(3) Non-Current Liabilities
(a) long-term borrowings	410.548	498.762	603.127
(b) Deferred tax liabilities (Net)	39.374	44.552	14.004
(c) Other long term liabilities	0.300	0.000	0.000
(d) long-term provisions	1.052	0.731	0.000
Total Non-current Liabilities (3)	451.274	544.045	617.131
(4) Current Liabilities
(a) Short term borrowings	1590.187	1563.511	799.915
(b) Trade payables	19.231	34.199	9.166
(c) Other current liabilities	146.965	155.229	150.361
(d) Short-term provisions	27.894	17.647	15.580
Total Current Liabilities (4)	1784.277	1770.586	975.022
TOTAL	2801.643	2778.823	1916.720
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	714.045	777.938	382.015
(ii) Intangible Assets	0.549	0.000	0.000
(iii) Capital work-in-progress	172.415	92.174	304.704
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.006	0.006	0.006
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	46.073	24.206	25.034
(e) Other Non-current assets	3.395	0.756	0.000
Total Non-Current Assets	937.483	895.080	711.759
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1037.721	1088.808	706.416
(c) Trade receivables	481.708	562.667	189.190
(d) Cash and cash equivalents	241.350	110.914	263.582
(e) Short-term loans and advances	34.101	53.404	4.878
(f) Other current assets	69.280	67.950	40.895
Total Current Assets	1864.160	1883.743	1204.961
TOTAL	2801.643	2778.823	1916.720

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL (A)	9272.800	8398.200	4046.217
Less	EXPENSES
		TOTAL (B)	8801.300	7948.7	3789.683
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		471.500	449.500	256.534
Less	FINANCIAL EXPENSES (D)		215.900	157.000	79.887
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		255.600	292.500	176.647
Less	DEPRECIATION/ AMORTISATION (F)		100.200	79.900	123.455
	PROFIT BEFORE TAX (E-F) (G)		155.400	212.600	53.192
	TAX (H)		53.500	73.000	13.731
	PROFIT AFTER TAX (G-H) (I)		101.900	139.600	39.461
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	5061.500	4047.391	1384.496
	TOTAL EARNINGS		5061.500	4047.391	1384.496
	IMPORTS
		Capital Goods	NA	NA	45.601
		Stores & Spares	NA	NA	1.585
	TOTAL IMPORTS		NA	NA	47.186
	Earnings Per Share (Rs.)		5.87	8.04	2.27

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	5.91	7.91	3.30
Return on Investment (ROI) (PBT/Networth)		0.27	0.46	0.16
Debt Equity Ratio (Total Debt /Networth)		3.53	4.44	4.32
Current Ratio (Current Asset/Current Liability)		1.04	1.06	1.24

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	173.696	173.696	173.696
Reserves & Surplus	150.871	290.496	392.396
Net worth	324.567	464.192	566.092
long-term borrowings	603.127	498.762	410.548
Short term borrowings	799.915	1563.511	1590.187
Total borrowings	1403.042	2062.273	2000.735
Debt/Equity ratio	4.323	4.443	3.534

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	4046.217	8398.200	9272.800
		107.557	10.414

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	4046.217	8398.200	9272.800
Profit	39.461	139.600	101.900
	0.98%	1.66%	1.10%

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	Yes
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

NOTE: The registered address of the company has been shifted from Saket Tower, First Floor, 3A, Ratlam Kothi, A.B. Road, Indore - 452001, Madhya Pradesh, India to the present w.e.f. 29.04.2012

UNSECURED LOANS

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Short Term Borrowings
Loans repayable on demand from Banks	0.000	110.000
Other Loans and advances, others	47.058	158.876
Total	47.058	268.876

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10446556	07/11/2013 *	215,000,000.00	UNION BANK OF INDIA	M.G. ROAD, BRANCH,, INDORE, MADHYA PRADESH - 452001, INDIA	B90470196
2	10389628	07/11/2012	420,000,000.00	PUNJAB NATIONAL BANK	MCB BRANCH, SIYAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA	B63202287
3	10186213	21/05/2010 *	250,000,000.00	PUNJAB NATIONAL BANK	MCB BRANCH, SIYAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA	A89522114
4	10186216	25/10/2013 *	2,000,000,000.00	PUNJAB NATIONAL BANK CONSORTIUM	MID CORPORATE BRANCH, SIYAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA	B89259444

*Date of modification Charges

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

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.62.16
UK Pound	1	Rs.92.73
Euro	1	Rs.98.23

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	KAR
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.