MIRA INFORM REPORT

Report No. :	312795
Report Date :	18.03.2015

IDENTIFICATION DETAILS

Name :	BANSAL FINEFOODS PRIVATE LIMITED
Registered Office :	121-KM Stone, Namastey Chowk, G.T. Road, Karnal – 132 001, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.08.2012
Com. Reg. No.:	05-046840
Capital Investment / Paid-up Capital :	Rs.7.296 million
CIN No.: [Company Identification No.]	U51909HR2012PTC046840
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCB1847C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of rice shelling, wholesale trading and exports of rice.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 404500
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of experienced promoters, the company can be considered for business dealings 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 – 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: BB-
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	30.12.2013

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 31-03-2014.

LOCATIONS

Registered Office :	121-KM Stone, Namastey Chowk, G.T. Road, Karnal – 132 001, Haryana, India
Tel. No. :	91-184-2221490/ 2221491/ 2221492
Fax No. :	91-184-2221493
E-Mail :	vineyagoel@rediffmail.com bansalmunish1@yahoo.com sales@basmati-rice.net

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Neeraj Bansal
Designation :	Director
Address :	House No.25, Duggal Colony, Karnal – 132 001, Haryana, India
Date of Birth/Age :	06.11.1977
Date of Appointment :	23.08.2012
DIN No.:	05220772
PAN No.:	ABCPB9093R
Name :	Mr. Satyapal Bansal
Designation :	Director
Address :	House No.25, Duggal Colony, Karnal – 132 001, Haryana, India
Date of Birth/Age :	09.04.1951
Date of Appointment :	23.08.2012
DIN No.:	05220813
PAN No.:	ABXPB5722G
Name :	Mr. Munish Bansal
Designation :	Director
Address :	House No.25, Duggal Colony, Karnal – 132 001, Haryana, India
Date of Birth/Age :	09.03.1975
Date of Appointment :	23.08.2012
DIN No.:	05220901
PAN No.:	ABXPB5721F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of holding
Munish Bansal	164600	28.63
Neeraj Bansal	65000	11.30
Satyapal Bansal	70000	12.17
Moji Ram Bansal	100	0.02
Kamlesh Bansal	100	0.02
Shruti Bansal	100	0.02
Shivani Bansal	100	0.02
Satyapal (HUF)	275000	47.82
Total	575000	100.00

AS ON 31.03.2014

Names of Allottee	No. of Shares
Satyapal Bansal	154640
Total	154640

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of rice shelling, wholesale trading and exports of rice.

Products :

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

Brand Names :

MARSHAL AND RICE QUEEN

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
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Punjab National Bank
Branch Address	G.T. Road, Karnal – 132 001, Haryana, India
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

State Bank of Patiala, 46, New Grain Market, Taraori, Karnal – 132 116, Haryana, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Working capital loans from banks (Hypothecation of book debts and stocks of the company personal Guarantee given by the director of the company)	267.402	354.942
Other loans and Advances (Secured by pledge of stocks against warehouse receipts personal Guarantee given by the director of the company)	153.556	0.000
Total	420.958	354.942

Banking Relations :	--
Auditors :
Name :	Viney Goel and Associates Chartered Accountants
Address :	B-2, Purshottam Garden, Near Chandranchal, Kunjpura Road, Karnal, Haryana, India
PAN No.:	AACFV7215L
Memberships :	Not Available
Collaborators :	Not Available
Other Related Parties :	Bansal International Bansal Rice and General Mills

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
729640	Equity Shares	Rs.10/- each	Rs.7.296 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	7.296	5.750
(b) Reserves & Surplus	134.279	94.905
(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)	141.575	100.655
(3) Non-Current Liabilities
(a) Long-term borrowings	60.015	93.817
(b) Deferred tax liabilities (Net)	0.941	0.019
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	60.956	93.836
(4) Current Liabilities
(a) Short term borrowings	420.958	354.942
(b) Trade payables	49.378	171.271
(c) Other current liabilities	62.270	70.403
(d) Short-term provisions	0.622	0.000
Total Current Liabilities (4)	533.228	596.616
TOTAL	735.759	791.107
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	41.343	23.694
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	4.638	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	1.072	1.072
(e) Other Non-current assets	0.105	0.140
Total Non-Current Assets	47.158	24.906
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	416.935	428.064
(c) Trade receivables	240.015	321.535
(d) Cash and cash equivalents	13.942	7.151
(e) Short-term loans and advances	17.709	9.451
(f) Other current assets	0.000	0.000
Total Current Assets	688.601	766.201
TOTAL	735.759	791.107

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	2254.766	1192.798
		Other Income
		TOTAL	2254.766	1192.798
Less	EXPENSES
		TOTAL	2233.964	1186.049
	PROFIT/ (LOSS) BEFORE TAX		20.802	6.749
Less	TAX		9.882	2.094
	PROFIT/ (LOSS) AFTER TAX		10.920	4.655
	Earnings / (Loss) Per Share (Rs.)		14.97	8.10

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Return on Total Assets (PBT/Total Assets}	(%)	2.85	0.85
Return on Investment (ROI) (PBT/Networth)		0.15	0.07
Debt Equity Ratio (Total Debt/Networth)		3.40	4.46
Current Ratio (Current Asset/Current Liability)		1.29	1.28

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)
Share Capital	5.750	7.296
Reserves & Surplus	94.905	134.279
Net worth	100.655	141.575
Long Term borrowings	93.817	60.015
Short Term borrowings	354.942	420.958
Total borrowings	448.759	480.973
Debt/Equity ratio	4.458	3.397

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)
Total Income	1192.798	2254.766
		89.032

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)
Total Income	1192.798	2254.766
Profit	4.655	10.920
	0.39%	0.48%

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 about last 1 year 7 months	Yes
12]	Profitability for about last 1 year 7 months	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Loans and advances from directors	17.965	51.230
Loans and advances from others	38.961	32.287
Other loans and advances	3.089	10.300
Total	60.015	93.817

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10540605	08/12/2014	200,000,000.00	PUNJAB NATIONAL BANK	G T ROAD, KARNAL, HARYANA - 132001, INDIA	C39209655
2	10533876	05/11/2014	250,000,000.00	STATE BANK OF PATIALA	46, NEW GRAIN MARKET, TARAORI, KARNAL, HARYANA - 132116, INDIA	C35370436
3	10435776	24/06/2013	378,400,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, AMBEDKAR CHOWK, KARNAL, HARYANA - 132001, INDIA	B79171922

FIXED ASSETS

· Land

· Buildings

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computer Equipments

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 records 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.62.69
UK Pound	1	Rs.92.99
Euro	1	Rs.66.37

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SMN

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	6
-- PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--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	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		45

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.