MIRA INFORM REPORT

Report No. :	316079
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	DRRK FOODS PRIVATE LIMITED

Registered Office :	Khasra No. 12/1, Village Aladinpur, Goindwal Road, Tarn Taran – 143401, Punjab

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	20.03.2013

Com. Reg. No.:	16-037249

Capital Investment / Paid-up Capital :	Rs. 49.000 Million

CIN No.: [Company Identification No.]	U15400PB2013PTC037249

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	AMRD12615B

PAN No.: [Permanent Account No.]	AAECD5852C

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacture of Rice.

No. of Employees :	250 (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 220000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a relatively new company incorporated in the year 2013. It is an established company having a moderate track record. The rating gets constrained due to company’s weak financial risk profile, limited scale of operations and low profitability. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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 : BB-
Rating Explanation	Inadequate credit quality and high credit risk
Date	April 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating : A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	April 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. Amit Marwaha
Designation :	Director
Contact No.:	91-7355543991
Date :	06.04.2015

LOCATIONS

Registered Office :	Khasra No. 12/1, Village Aladinpur, Goindwal Road, Tarn Taran – 143401, Punjab, India
Tel. No.:	Not Available
Mobile No.:	91-7355543991 (Mr. Amit Marwaha)
Fax No.:	Not Available
E-Mail :	info@crownrice.com

Factory :	Goindwal Road, Tarn Taran, Punjab, India

DIRECTORS

AS ON 15.11.2013

Name :

Mr. Amit Kumar

Designation :

Director

Address :

283-E, Basant Avenue, Amritsar – 143001, Punjab, India

Date of Birth/Age :

14-06-1975

Date of Appointment :

20.03.2013

DIN No. :

02887801

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	U15400PB2010PTC033524	CROWN FOODS PRIVATE LIMITED	Director	18/01/2010	18/01/2010	-	Active	NO
2	U15400PB2013PTC037249	DRRK FOODS PRIVATE LIMITED	Director	20/03/2013	20/03/2013	-	Active	NO

Name :

Mr. Ramesh Kumar

Designation :

Director

Address :

H. No. 283-E, Basant Avenue, Ps Civil Lines, Amritsar – 143001, Punjab, India

Date of Birth/Age :

27.10.1949

Date of Appointment :

20.03.2013

DIN No. :

02887816

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	U15400PB2010PTC033524	CROWN FOODS PRIVATE LIMITED	Director	18/01/2010	18/01/2010	-	Active	NO
2	U15400PB2013PTC037249	DRRK FOODS PRIVATE LIMITED	Director	20/03/2013	20/03/2013	-	Active	NO

Name :

Mrs. Rekha Rani

Designation :

Director

Address :

283-E, Basant Avenue, Amritsar – 143001, Punjab, India

Date of Birth/Age :

02.10.1952

Date of Appointment :

20.03.2013

DIN No. :

02887818

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	U15400PB2010PTC033524	CROWN FOODS PRIVATE LIMITED	Director	18/01/2010	18/01/2010	-	Active	NO
2	U15400PB2013PTC037249	DRRK FOODS PRIVATE LIMITED	Director	20/03/2013	20/03/2013	-	Active	NO

Name :

Mrs. Aarti Marwaha

Designation :

Director

Address :

283-E, Basant Avenue, Amritsar – 143001, Punjab, India

Date of Birth/Age :

08.09.1978

Date of Appointment :

20.03.2013

DIN No. :

02888806

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	U15400PB2010PTC033524	CROWN FOODS PRIVATE LIMITED	Director	18/01/2010	18/01/2010	-	Active	NO
2	U15400PB2013PTC037249	DRRK FOODS PRIVATE LIMITED	Director	20/03/2013	20/03/2013	-	Active	NO

Name :

Mr. Vkram

Designation :

Director

Address :

H. H. Sh. Mohammed Khalifa Zayed Al. Nehayan 3001, 345-Sh, Zayed Road, Post Box : 97525, Dubai, United Arab Emirates

Date of Birth/Age :

10.02.1982

Date of Appointment :

20.03.2013

DIN No. :

05312185

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.11.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Ramesh Kumar	305000	15.17
Amit Kumar	365000	18.16
Rekha Rani	300000	14.93
Aarti Marwaha	240000	11.94
Vikram Marwaha	400000	19.90
Neha Marwaha	300000	14.93
Amit Kumar HUF	100000	4.98
Total	2010000	100.00

As on 15.11.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	35.00
Directors or relatives of Directors	65.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Rice.

Products :

Item Code No. (ITC Code)	Product Description
10063020	Rice

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Rice

Countries :

Iraq
Iran

Imports :

Not Divulged

Terms :

Selling :

Advance Payment

Purchasing :

Advance Payment

PRODUCTION STATUS : Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers

Reference :	PRV General Trading Comp[any
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 :

250 (Approximately)

Bankers :

Banker Name	Punjab National Bank
Branch Address	Hall Bazar, Amritsar – 143001, Punjab, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	Oriental Bank of Commerce
Branch Address	Overseas Branch, Mall Road, Amritsar – 143001, Punjab, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	CC Facilities
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	86.717	0.000

SHORT TERM BORROWINGS
Working capital loans from banks	577.448	0.000
Total	664.165	0.000


Auditors :
Name :	R. K. Dhingra and Company Chartered Accountants
Address :	S13/1099, Bazar, Narsingh Dass, Amritsar, Punjab, India
Tel. No.:	91-183-3294885 / 5005888
E-Mail :	rkdhingraca@gmail.com
PAN No.:	AAMFR5412M
Memberships :	Not Available

Collaborators :	Not Available

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Crown Foods Private Limited R.R Logistics Company

Relatives of Key management personnel	M/s. Sona Chandi Agro Processors

CAPITAL STRUCTURE

As on 15.11.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2010000	Equity Shares	Rs.10/- each	Rs. 20.100 Million

After 15.11.2013

Authorised Capital : Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 150.000 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

4900000	Equity Shares	Rs.10/- each	Rs. 49.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	49.000	0.100
(b) Reserves & Surplus	30.175	0.000
(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)	79.175	0.100

(3) Non-Current Liabilities
(a) long-term borrowings	359.752	0.205
(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)	359.752	0.205

(4) Current Liabilities
(a) Short term borrowings	577.448	0.000
(b) Trade payables	375.711	0.000
(c) Other current liabilities	6.942	0.000
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	960.101	0.000

TOTAL	1399.028	0.305

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	59.850	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	168.240	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	4.163	0.000
(e) Other Non-current assets	0.000	0.300
Total Non-Current Assets	232.253	0.300

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	699.833	0.000
(c) Trade receivables	384.218	0.000
(d) Cash and cash equivalents	51.103	0.005
(e) Short-term loans and advances	31.621	0.000
(f) Other current assets	0.000	0.000
Total Current Assets	1166.775	0.005

TOTAL	1399.028	0.305

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013

	TOTAL INCOME	3954.123	0.000

Less	TOTAL EXPENSES	3908.693	0.000

	PROFIT/ (LOSS) BEFORE TAX	45.430	0.000

Less	TAX	15.255	0.000

	PROFIT/ (LOSS) AFTER TAX	30.175	0.000

	EARNINGS IN FOREIGN CURRENCY	1884.113	NA

	Earnings / (Loss) Per Share (Rs.)	15.01	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Total Income)	(%)	0.76	NA

Return on Total Assets (PBT/Total Assets}	(%)	3.69	0.00

Return on Investment (ROI) (PBT/Networth)		0.57	0.00

Debt Equity Ratio (Total Debt/Networth)		11.84	2.05

Current Ratio (Current Asset/Current Liability)		1.22	NA

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	49.000
Reserves & Surplus	0.000	30.175
Net worth	0.100	79.175

long-term borrowings	0.205	359.752
Short term borrowings	0.000	577.448
Total borrowings	0.205	937.200
Debt/Equity ratio	2.050	11.837

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	0.000	3954.123

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	0.000	3954.123
Profit	0.000	30.175
		0.76%

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 two year	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	--------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Deposits from Directors	273.035	0.205
Total	273.035	0.205

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10538514	17/12/2014	250,000,000.00	STATE BANK OF PATIALA	MALL ROAD BRANCH, AMRITSAR, PUNJAB - 143001, INDIA	C37954971
2	10537924	26/11/2014	350,000,000.00	PUNJAB NATIONAL BANK	HALL BAZAR, AMRITSAR, PUNJAB - 143001, INDIA	C37632213
3	10488446	31/03/2014	700,000.00	ORIENTAL BANK OF COMMERCE	ORIENTAL BANK OF COMMERCE, OVERSEAS BRANCH, MALL ROAD, AMRITSAR, PUNJAB - 143001, INDIA	C02920650
4	10425241	21/02/2014 *	1,310,000,000.00	ORIENTAL BANK OF COMMERCE	ORIENTAL BANK OF COMMERCE, MALL ROAD, AMRITSAR, PUNJAB - 143001, INDIA	C02727766

* Date of charge modification

FIXED ASSETS

Buildings
Factory building
Plant and equipment
Factory equipments
Furniture and fixtures
Vehicles
Office equipment
Land

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. 62.33
UK Pound	1	Rs. 92.83
Euro	1	Rs. 68.08

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	SUC

Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	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	YES
--AFFILIATION	YES/NO	YES
--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.