MIRA INFORM REPORT

Report No. :	356013
Report Date :	26.12.2015

IDENTIFICATION DETAILS

Name :	LOUIS DREYFUS COMMODITIES INDIA PRIVATE LIMITED (w.e.f. 22.12.2006)

Formerly Known As :	LOUIS DREYFUS INDIA PRIVATE LIMITED

Registered Office :	RNM Centre, 68/2, Janpath, New Delhi-110001
Tel. No.:	91-124-4625660

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	19.06.1997

Com. Reg. No.:	55-126131

Capital Investment / Paid-up Capital :	Rs.260.291 Million

CIN No.: [Company Identification No.]	U51909DL1997PTC126131

IEC No.:	0397061340

TAN No.: [Tax Deduction & Collection Account No.]	DELL01598C

PAN No.: [Permanent Account No.]	AAACL7361E

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged into trading of agricultural commodities like wheat, cotton, maize, coffee, sugar, oil and seeds and manufacturing / processing of edible oils and coffee. (Registered Activity)

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 3924000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Exist

Comments :	Subject was incorporated on 19th June, 1997 and is based in Gurgaon, India. Subject operates as a subsidiary of Louis Dreyfus Commodities Asia Pte. Limited, Singapore. It is engaged into business of trading in agricultural commodities, manufacturing comprises processing of edible oils, cotton and coffee and services comprises rendering BPO and commission services. It has Satisfactory track record. The sales turnover of the company has declined and it has incurred a losses from its operations FY14 and FY15. However the networth position of the company is reported to be strong. Further, the company has reported improvement in debt ratios in the year under consideration. However, trade relations are fair. Business is active. Payment are slow but correct. In view of support from its holding company, the subject 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

LOCATIONS

Registered Office :	RNM Centre, 68/2, Janpath, New Delhi-110001, India
Tel. No.:	91-124-4625660
Fax No.:	Not Available
E-Mail :	rakesh.aggarwal@ldcommodities.com del-finance@ldcommodities.com ldnewdelhi@ldcommodities.com

Corporate Office :	648/L, 3^rd Floor, 1^st Main, Indiranagar, Bangalore – 560038, Karnataka, India
Tel. No.:	91-80-40437700
Fax No.:	91-80-40437729

Factory :	Survey No. 310/2/B, 312/B, 314/1/B, Village Bhimasar, Anjar, Kutch – 310160, Gujarat, India
Tel. No.:	91-2836-285265
Fax No.:	91-2836-285267

Branch Office :	8^th Floor Tower, A, Building No. 5, DLF Cyber City, DLF Phase III, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-4625600

Warehouse:	F 301, Gaur Sadan, 5 Hailey Road, New Delhi – 110001, India
Tel. No.:	91-11-42454545
Fax No.:	91-11-42454545

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Rakesh Aggarwal

Designation :

Director

Address :

A – 75/11, DDA Residential Area, Naraina Vihar, New Delhi – 110028, India

Date of Birth/Age :

01.11.1962

Date of Appointment :

27.09.2013

DIN No.:

00091568

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	U51909DL2006PTC154940	AWB Krishi Suvidha Parisar (MP) Private Limited	Additional director	22/10/2007	22/10/2007	29/08/2008	Strike off	NO
2	U21020DL2007PTC162601	AWB Krishi Upaaj Vipnan Parisar (MP) Private Limited	Additional director	22/10/2007	22/10/2007	29/08/2008	Strike off	NO
3	U63021DL2005PTC142622	AWB KRISHI SUVIDHA PARISAR (KOTA) PRIVATE LIMITED	Alternate director	16/06/2008	24/10/2007	03/09/2008	Active	NO
4	U51909DL2005PTC133235	AWB INDIA PRIVATE LIMITED	Additional director	24/10/2007	24/10/2007	03/09/2008	Active	NO
5	U74130DL2006PTC148459	AWB KRISHI UPAAJ VIPNAN PARISAR (TALERA) PRIVATE LIMITED.	Alternate director	20/03/2009	24/10/2007	03/09/2008	Active	NO
6	U51909DL1997PTC126131	Louis Dreyfus Commodities India Private Limited	Director	27/09/2013	18/02/2013	-	Active	NO
7	U74140DL2014PTC268335	LOUIS DREYFUS COMMODITIES SERVICES INDIA PRIVATE LIMITED	Director	26/06/2014	26/06/2014	-	Active	NO
8	U51909DL2012PTC245920	GROW MORE AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	25/09/2014	15/07/2014	-	Amalgamated	NO
9	U51909DL2012PTC245951	APEX AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	25/09/2014	15/07/2014	-	Active	NO
10	U51909DL2012PTC245980	FOCUS AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	25/09/2014	15/07/2014	-	Amalgamated	NO
11	U51900DL2012PTC246047	PRUDENT AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	25/09/2014	15/07/2014	-	Active	NO
12	U51101DL2012PTC246188	SUNDER AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	25/09/2014	15/07/2014	-	Amalgamated	NO
13	U51909DL2012PTC245923	SUNNY AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	25/09/2014	15/07/2014	-	Amalgamated	NO

Name :

James Fernando O' Donahue

Designation :

Director

Address :

30 MT, Elizabeth 14-32, High Point, Singapore - 228519

Date of Birth/Age :

14.05.1972

Date of Appointment :

28.09.2012

DIN No.:

05200037

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	U51909DL1997PTC126131	Louis Dreyfus Commodities India Private Limited	Director	28/09/2012	30/01/2012	-	Active	NO
2	U51909DL2012PTC245920	GROW MORE AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	27/09/2013	11/12/2012	-	Amalgamated	NO
3	U51909DL2012PTC245951	APEX AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	27/09/2013	11/12/2012	-	Active	NO
4	U51909DL2012PTC245980	FOCUS AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	27/09/2013	11/12/2012	-	Amalgamated	NO
5	U51909DL2012PTC245923	SUNNY AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	27/09/2013	11/12/2012	-	Amalgamated	NO
6	U51900DL2012PTC246047	PRUDENT AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	27/09/2013	12/12/2012	-	Active	NO
7	U51101DL2012PTC246188	SUNDER AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	27/09/2013	14/12/2012	-	Amalgamated	NO
8	U74140DL2014PTC268335	LOUIS DREYFUS COMMODITIES SERVICES INDIA PRIVATE LIMITED	Director	26/06/2014	26/06/2014	-	Active	NO

Name :

Mr. Simmarpal Singh Bhurjee

Designation :

Director

Address :

H. No 65, B/4, Gautam Nagar, New Delhi-110049, India

Date of Appointment :

29.09.2015

DIN No.:

06868288

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	U74140DL2014PTC268335	LOUIS DREYFUS COMMODITIES SERVICES INDIA PRIVATE LIMITED	Director	25/11/2015	22/07/2014	-	Active	NO
2	U51909DL1997PTC126131	Louis Dreyfus Commodities India Private Limited	Director	29/09/2015	24/06/2015	-	Active	NO

Name :

Mr. Mitesh Kishorchandra Shah

Designation :

Additional director

Address :

C-33 The Icon, Off Golf Course Road, DLF Phase -5, Gurgaon, 122002, Haryana, India

Date of Appointment :

01.10.2015

DIN No.:

02188584

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	U52397GJ2008PTC054581	SHREE RANG COMMODITIES PRIVATE LIMITED	Director	24/07/2008	24/07/2008	30/09/2009	Strike off	NO
2	U51909DL2012PTC245920	GROW MORE AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	10/12/2012	10/12/2012	-	Amalgamated	NO
3	U51909DL2012PTC245923	SUNNY AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	10/12/2012	10/12/2012	-	Amalgamated	NO
4	U51909DL2012PTC245951	APEX AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	11/12/2012	11/12/2012	21/09/2015	Active	NO
5	U51909DL2012PTC245980	FOCUS AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	11/12/2012	11/12/2012	-	Amalgamated	NO
6	U51900DL2012PTC246047	PRUDENT AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	12/12/2012	12/12/2012	-	Active	NO
7	U51101DL2012PTC246188	SUNDER AGRI-COMMODITIES INDIA PRIVATE LIMITED	Director	14/12/2012	14/12/2012	-	Amalgamated	NO
8	U51909DL1997PTC126131	Louis Dreyfus Commodities India Private Limited	Additional director	01/10/2015	01/10/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rakesh Aggarwal
Designation :	Secretary
Address :	A 75/II, DDA Residential Area, Naraina Vihar, New Delhi-110028, India
Date of Birth/Age :	01.11.1962
Date of Appointment :	17.10.2008
Pan No.:	AAAPA1391C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Louis Dreyfus Commodities Asia Pte Limited, Singapore	26029071
Louis Dreyfus Commodities BV, Netherland	1
Total	26029072

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2014

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into trading of agricultural commodities like wheat, cotton, maize, coffee, sugar, oil and seeds and manufacturing / processing of edible oils and coffee. (Registered Activity)

Brand Names :

Item Code No.	Product Description
15121910	Refined Sunflower Oil
15071000	Crude Soya Bean Oil
15119020	Palmolein
15149120	Mustard Oil
23064100	Rapessed Meal
10051000	Maize
10063010	Rice
10019020	Wheat

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	DBS Bank Limited
Branch Address	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7th Floor, Tower B, Building No. 10, DLF Cyber City Complex, Phase-II, Gurgaon – 122022, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFD2095B

Memberships :	--

Collaborators :	--

Holding company:	Louis Dreyfus Commodities Asia Pte Limited

Ultimate Holding company:	Louis Dreyfus Commodities B.V

Fellow Subsidiaries companies :	Louis Dreyfus Commodities Suisse SA, Switzerland Louis Dreyfus Commodities MEA Trading DMCC, United Arab Emirates Term Commodities Inc., United States of America Apex Agri-Commodities India Private Limited CIN No.: U51909DL2012PTC245951 Prudent Agri-Commodities India Private Limited CIN No.: U51900DL2012PTC246047

Other related party:	Louis Dreyfus Commodities Freight Asia Pte Limited Louis Dreyfus Commodities Beijing Trading Company Louis Dreyfus Commodities Metal Asia Pte Limited PT Louis Dreyfus Commodities Indonesia Sunder Agri-Commodities India Private Limited Alenberg Cotton Co. Grow More Agri-Commodities India Private Limited Louis Dreyfus Commodities Kenya Limited Focus Agri-Commodities India Private Limited Louis Dreyfus Commodities Brasil SA Sunny Agri-Commodities India Private Limited Louis Dreyfus Commodities Vietnam Limited Louis Dreyfus Commodities Metals Suisse SA Louis Dreyfus Commodities Distribution France SAS Louis Dreyfus Commodities Services India Private Limited Louis Dreyfus Commodities Australia Pty Limited Louis Dreyfus Commodities Pakistan (Private) Limited Louis Dreyfus Commodities France S.A.S Louis Dreyfus Commodities Coffee Merchandising LLC Louis Dreyfus Commodities Italia SPA PT Dermaga Kencana Indonesia

CAPITAL STRUCTURE

AS ON 29.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

30000000	Equity Shares	Rs.10/- each	Rs. 300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

26029072	Equity Shares	Rs.10/- each	Rs. 260.291 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	260.291	260.291	260.290
(b) Reserves & Surplus	1113.206	1543.713	1638.120
(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)	1373.497	1804.004	1898.410

(3) Non-Current Liabilities
(a) long-term borrowings	2134.063	844.378	593.940
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	79.963	56.032	0.000
(d) long-term provisions	0.000	0.000	39.510
Total Non-current Liabilities (3)	2214.026	900.410	633.450

(4) Current Liabilities
(a) Short term borrowings	4566.285	9022.048	9751.300
(b) Trade payables	3259.458	2773.546	1756.740
(c) Other current liabilities	1022.411	1553.570	5424.430
(d) Short-term provisions	85.073	202.976	42.370
Total Current Liabilities (4)	8933.227	13552.140	16974.840

TOTAL	12520.750	16256.554	19506.700

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2865.810	2829.644	2584.600
(ii) Intangible Assets	16.735	15.757	19.110
(iii) Capital work-in-progress	25.542	123.728	240.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.113	0.113	0.120
(c) Deferred tax assets (net)	72.953	64.128	27.410
(d) Long-term Loan and Advances	360.458	353.179	115.330
(e) Other Non-current assets	1.135	1.154	0.000
Total Non-Current Assets	3342.746	3387.703	2986.970

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6756.334	9753.544	12639.690
(c) Trade receivables	1119.352	1864.570	2012.920
(d) Cash and cash equivalents	117.383	236.122	442.010
(e) Short-term loans and advances	1182.029	1010.033	1406.690
(f) Other current assets	2.906	4.582	18.420
Total Current Assets	9178.004	12868.851	16519.730

TOTAL	12520.750	16256.554	19506.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	52852.143	57356.884	69770.000
		Other Income	229.651	347.836	NA
		TOTAL (A)	53081.794	57704.720	NA

Less	EXPENSES
		Cost of Materials Consumed	20421.216	16852.582
		Purchases of Stock-in-Trade	25013.523	33529.317
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3945.514	2969.448
		Employees benefits expense	665.603	609.219
		CSR Expenditure	0.433	0.000
		Prior Period Items	16.648	0.000
		Other expenses	2438.934	3073.923
		TOTAL (B)	52501.871	57034.489	NA

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		579.923	670.231	NA

Less	FINANCIAL EXPENSES (D)		768.440	628.020	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(188.517)	42.211	NA

Less/ Add	DEPRECIATION/ AMORTISATION (F)		248.818	173.348	NA

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(437.335)	(131.137)	190.060

Less	TAX (H)		(6.828)	(36.722)	61.790

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(430.507)	(94.415)	128.270

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.303	100.718	27.552

	BALANCE CARRIED TO THE B/S		(424.204)	6.303	100.718

	Earnings / (Loss) Per Share (Rs.)		(16.54)	(3.63)	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	4030.225	1035.887	434.840
Net cash flows from (used in) operating activities	4019.296	1057.363	421.190

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(0.81)	(0.16)	0.99

Operating Profit Margin (PBIDT/Sales)	(%)	1.10	1.17	NA

Return on Total Assets (PBT/Total Assets}	(%)	(3.52)	(0.82)	NA

Return on Investment (ROI) (PBT/Networth)		(0.32)	(0.07)	0.10

Debt Equity Ratio (Total Debt /Networth)		4.88	5.47	5.45

Current Ratio (Current Asset/Current Liability)		1.03	0.95	0.97

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	260.290	260.291	260.291
Reserves & Surplus	1638.120	1543.713	1113.206
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1898.410	1804.004	1373.497

long-term borrowings	593.940	844.378	2134.063
Short term borrowings	9751.300	9022.048	4566.285
Total borrowings	10345.240	9866.426	6700.348
Debt/Equity ratio	25.414	5.449	5.469

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	69770.000	57356.884	52852.143
		(17.791)	(7.854)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	69770.000	57356.884	52852.143
Profit	128.270	(94.415)	(430.507)
	0.18%	(0.16%)	(0.81%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

IN THE HIGH COURT OF DELHI AT NEW DELHI

O.M.P. 605/2014

SPENTEX INDUSTRIES LIMITED ..... Petitioner

Through Mr Arun Arora, Adv

versus

LOUIS DREYFUS COMMODITIES INDIA PRIVATE LIMITED

..... Respondent

Through Mr Virendra Rawat, Adv

O R D E R

16.04.2015

Learned Presiding Officer is on leave today.

Be re-notified for 7th July, 2015.

Reader to Joint Registrar

APRIL 16, 2015/sm

$ 12

NOTE

· INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

The registered office of the company has been shifted from G- 9, Pratap Bhavan, 5, Bahadurshah Zafar Marg, New Delhi- 110002, India to the present address w.e.f. 01.05.2012

Overview

The Company is part of Louis Dreyfus Commodities who are commodity merchants and processors of agricultural products having merchandised and traded bulk soft commodities in international markets. Louis Dreyfus Commodities is controlled by the Louis Dreyfus Group.

Louis Dreyfus Commodities is a supplier of a range of agricultural commodities integrated from origin to destination. The Company is into trading of agricultural commodities like wheat, cotton, maize, coffee, sugar, oil and seeds and manufacturing / processing of edible oils and coffee.

FINANCIAL RESULTS

The Company has reported revenue from operations amounting to Rs.52852.140 million during the current year ended March 31, 2015 as compared to Rs.57356.880 million in the previous year ended March 31, 2014. The Company has suffered loss before tax of Rs. 437.330 million and loss after tax of Rs.430.500 million during the current year as compared to Loss before tax of Rs.131.130 million and loss after tax of Rs.94.410 million in the previous year ended March 31, 2014.

STATE OF COMPANY’S AFFAIRS DURING THE YEAR

VEGETABLE OILS AND OILSEEDS –

The existing vegetable oil refineries at Kandla operated at a utilization level of 63.2% as Compared to 54% in previous year, whereas Refinery at Krishnapatnam has improved utilization level to 52% as compared to 36% in previous year. The company has postponed the construction of the new refinery facility at Ratnagiri in the state of Maharashtra.

Grains

Export of corn was increased to 302 KMT by 36% as compared to previous year. However Wheat traded quantity during the year was decrease by 4% to 366KMT as compared to last year. Your company has strengthened its network of procurement agents and customers for trading of wheat and corn.

Rice

Sales volume of Rice has decrease by 69% and traded 83 KMT during current year against 185 KMT during previous year due to unfavorable market for export.

Cotton

Cotton trading volume has decreased by 39% and traded 85 KMT against 140 KMT during previous year due to unfavorable export market of cotton.

Coffee

Coffee trading volume has increased by 8% and traded 9.74KMT in current year against 9.02KMT during previous year.

UNSECURED LOAN

Particulars	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWING
Rupee term loans from banks	694.666	664.723
Loans and advances from others	1439.397	179.655
SHORT TERM BORROWING
Working capital loans from banks	242.383	1017.437
Loans repayable on demand from banks
Rupee loans	3260.000	4974.151
Foreign currency loan	1063.902	3030.460
Total	6700.348	9866.426

Notes : LONG TERM BORROWING The term loan from bank at interest rate of Libor + 230 bps is guaranteed by the ultimate holding company Louis Dreyfus Commodities BV. Netherlands. The loan from Louis Dreyfus Commodities Asia Pte Limited amounting to Rs 187.747 Million (USD 3,000,000) (previous year Rs. 179.655 Million USD 3,000,000)) at interest rate of Libor + 390 bps is due on May 09, 2019 and Rs 1251.650 Million (USD 20,000,000) (previous year Nil) at interest rate of Libor + 350 bps is due in 4 yearly equal installments starting from March 31, 2022 and ending on March 31, 2025.

FIXED ASSETS

Tangible assets

Land
Buildings
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment
Computer equipments
Other equipments
Leasehold improvements

Intangible assets

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.64.20
UK Pound	1	Rs.98.29
Euro	1	Rs.72.41

INFORMATION DETAILS

Information Gathered by :	KAM

Analysis Done by :	TRI

Report Prepared by :	JYTK

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--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		41

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.