MIRA INFORM REPORT

Report No. :	342525
Report Date :	10.10.2015

IDENTIFICATION DETAILS

Name :	SHIV SHAKTI INTER GLOBE EXPORTS PRIVATE LIMITED

Registered Office :	578/11, Link Road, Taraori, Karnal - 132116, Haryana
Tel. No.:	91-1745-242152/ 242235

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	10.10.2012

Com. Reg. No.:	05-047391

Capital Investment / Paid-up Capital :	Rs. 150.000 Million

CIN No.: [Company Identification No.]	U15310HR2012PTC047391

IEC No.:	3312005787

TAN No.: [Tax Deduction & Collection Account No.]	RTKS16430B

PAN No.: [Permanent Account No.]	AASCS1858H

Legal Form :	Private Limited Liability Company

Line of Business :	Processing, Milling and Exporting of Rice.

No. of Employees :	350 (Approximately)

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

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. It is engaged in the business of manufacturing and exporting of rice. For the financial year ended 2015, the company has steady growth in its operational activity marked by top line growth of 10% on the revenue of Rs. 6391.471 Million as compared to revenue of Rs. 5768.596 Million on previous year. It has achieved profitability margin of 1.7%. The company has long business track record, healthy financial base, adequate networth position along with good gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are usually correct. The company can be considered for business dealings at usual trade terms and conditions. NOTE: As per indirect source CARE, subject was established as partnership concern in the year 1985 and got converted into private limited company in the year 2012.

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	CARE
Rating	Long term Bank facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January 2015

Rating Agency Name	CARE
Rating	Short term Bank facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	January 2015

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.

INFORMATION PARTED BY

Name :	Mr. Ramesh Gupta
Designation :	Director
Contact No.:	91-1745-242152
Date :	08.10.2015

LOCATIONS

Registered Office/ Factory :	578/11, Link Road, Taraori, Karnal - 132116, Haryana, India
Tel. No.:	91-1745-242152/ 242235
Fax No.:	91-1745-242626
E-Mail :	exports@ssiel.com contact@ssiel.com cs@ssiel.com rice.shivshakti@gmail.com
Website :	http://www.ssiel.com
Area :	23080 Sq. yd.
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Aman Gupta
Designation :	Director
Address :	H. No. 766, Sector-13, Urban Estate,, Karnal - 132001, Haryana, India
Date of Birth/Age :	16.06.1980
Experience :	13 Years
Date of Appointment :	10.10.2012
PAN No.:	AFLPG8411K
DIN No.:	00413055

Name :	Mr. Ramesh Chand Gupta
Designation :	Director
Address :	H. No. 766, Sector-13, Urban Estate,, Karnal - 132001, Haryana, India
Date of Birth/Age :	10.03.1952
Experience :	40 Years
Date of Appointment :	10.10.2012
PAN No.:	ABGPC2140N
DIN No.:	00113975

Name :	Mrs. Santosh Rani
Designation :	Director
Address :	H. No. 766, Sector-13, Urban Estate, Karnal - 132001, Haryana, India
Date of Birth/Age :	08.05.1957
Date of Appointment :	10.10.2012
PAN No.:	ABNPR6151P
DIN No.:	06398181

KEY EXECUTIVES

Name :	Kaptan Singh
Designation :	Secretary
Address :	Village and PO Jani, Karnal – 132036, Haryana, India
Date of Birth/Age :	01.01.1988
Date of Appointment :	14.04.2014
PAN No.:	BZJPS7458F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Aman Gupta	4280250	28.54
Ramesh Chand Gupta	9905250	66.04
Santosh Rani	574500	3.83
Aman Gupta [HUF]	105000	0.70
Ramesh Chand Gupta [HUF]	135000	0.90

Total	15000000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :

Processing, Milling and Exporting of Rice.

Products :

ITC Code No.

Product Descriptions

10063020

Rice

Brand Names :

· Victory

· Four Flags

Agencies Held :

Exports :

Products :

Rice

Countries :

· UAE

· Saudi Arabia

· Jordan

Trade References :

· Seyed Foad Mousavi, UAE

· Saeed Ahmed Al Mahroos and Sons Co., Saudi Arabia

Imports :

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production

Rice	24 MTPH [Milling]	Total Sales as per 2015 Rs. 6391.500 Million

GENERAL INFORMATION

Suppliers :

· K.T.C. Foods Private Limited

Nissing, Karnal, Haryana, India

· Nav Jyoti Agro Foods Private Limited

Nissing, Karnal, Haryana, India

· Royal Star Agrotech Private Limited

Gharaunda, Haryana, India

· Shri Radha Krishna Rice Mills

Nissing, Karnal, Haryana, India

· HRM Overseas

Nissing, Karnal, Haryana, India

· ATC Foods Private Limited

Delhi, India

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Wholesalers

· Seyed Foad Mousavi, UAE

· Saeed Ahmed Al Mahroos and Sons Co., Saudi Arabia

· Prestige Company for Exports and Imports, Jordan

· Mahmood Kikha General Trading LLC, UAE

· Edalat Pouyan Tangestan Company, UAE

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

350 (Approximately)

Bankers :

· State Bank of India

Specialised Commercial Branch, Ambedkar Chowk, Karnal - 132001, Haryana, India

EPC = Rs. 1000.000 Million, SRL = Rs. 100.000 Million and NFB = Rs. 90.000 Million

· UCO Bank

SCO 55-56-57, Sector-17B, Chandigarh, Chandigarh - 160017, India

· UCO Bank

Taraori, Karnal, Haryana, India

EPC = Rs. 400.000 Million

Bank Name:	--
Branch:	--
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

Banking Relations :	--

Auditors :
Name :	Viney Goel and Associates Chartered Accountants
Address :	Karnal, Haryana, India

Memberships :	--

Collaborators :	--

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives : [As on 31.03.2014]	· Bharat Industrial Enterprises Limited [U01111HR1997PLC033693] · Bharat Cereals Private Limited [U15312HR2009PTC039550]

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives : [As on 31.03.2015]	· Panna Lal Rakesh Kumar, Taraori Commission Agent · Shiv Shankar Traders, Taraori Commission Agent

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

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

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 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	150.000	150.000	100.000
(b) Reserves & Surplus	266.339	153.569	87.170
(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)	416.339	303.569	187.170

(3) Non-Current Liabilities
(a) Long-term borrowings	1.803	2.399	4.017
(b) Deferred tax liabilities (Net)	4.447	7.376	0.262
(c) Other long term liabilities	35.335	67.205	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	41.585	76.980	4.279

(4) Current Liabilities
(a) Short term borrowings	748.449	775.407	322.803
(b) Trade payables	29.185	48.031	0.151
(c) Other current liabilities	182.255	60.904	10.353
(d) Short-term provisions	1.236	1.410	103.237
Total Current Liabilities (4)	961.125	885.752	436.544

TOTAL	1419.049	1266.301	627.993

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	236.106	220.849	57.118
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.268	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.476	2.479	0.000
(e) Other Non-current assets	0.253	0.379	1.601
Total Non-Current Assets	238.835	223.975	58.719

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	824.608	682.434	425.003
(c) Trade receivables	302.343	222.263	80.036
(d) Cash and cash equivalents	41.246	108.629	54.559
(e) Short-term loans and advances	6.461	8.707	0.223
(f) Other current assets	5.556	20.293	9.453
Total Current Assets	1180.214	1042.326	569.274

TOTAL	1419.049	1266.301	627.993

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	6391.471	5768.597	1420.087
		Other Operating Revenues	36.809	26.402	5.922
		Other Income	15.875	17.536	5.602
		TOTAL (A)	6444.155	5812.535	1431.611

Less	EXPENSES
		Cost of Materials Consumed	5423.583	5079.737	1230.673
		Manufacturing Expenses	0.000	0.000	14.709
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(108.576)	(192.052)	(202.785)
		Employees benefits expense	51.401	39.764	12.815
		Other expenses	740.960	646.062	226.347
		TOTAL (B)	6107.368	5573.511	1281.759

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		336.787	239.024	149.852

Less	FINANCIAL EXPENSES (D)		114.428	54.568	20.235

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		222.359	184.456	129.617

Less/ Add	DEPRECIATION/ AMORTISATION (F)		45.011	10.564	2.118

	PROFIT BEFORE TAX (E-F) (G)		177.348	173.892	127.499

Less	TAX (H)		64.578	57.493	40.329

	PROFIT AFTER TAX (G-H) (I)		112.770	116.399	87.170

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings [FOB Basis]	NA	5049.404	1120.066

	Earnings Per Share (Rs.)		7.52	13.24	17.02

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 from Operating Activities	NA	213.721	25.795

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.76	2.02	6.14

Operating Profit Margin (PBDIT/Sales)	(%)	5.27	4.14	10.55

Return on Total Assets (PBT/Total Assets}	(%)	12.50	13.74	20.30

Return on Investment (ROI) (PBT/Networth)		0.43	0.57	0.68

Debt Equity Ratio (Total Liability/Networth)		1.80	2.56	1.75

Current Ratio (Current Asset/Current Liability)		1.23	1.18	1.30

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	100.000	150.000	150.000
Reserves & Surplus	87.170	153.569	266.339
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	187.170	303.569	416.339

Long-term borrowings	4.017	2.399	1.803
Short term borrowings	322.803	775.407	748.449
Total borrowings	326.820	777.806	750.252
Debt/Equity ratio	1.746	2.562	1.802

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	1420.087	5768.597	6391.471
		306.214	10.798

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	1420.087	5768.597	6391.471
Profit	87.170	116.399	112.770
	6.14%	2.02%	1.76%

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	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	Yes
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	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 [Estimated]	2016-17 [Projected]

1	Domestic Sales	500.000	300.000
2	Export Sales	6750.000	7250.000
3	Other Operating/ Revenue Income	0.000	0.000

4	Total Gross Sales	7250.000	7550.000

5	Deduct: Excise Duty/ Service Tax	--	--
6	Deduct: Other Items	--	--

7	Net Sales	7250.000	7550.000

	Cost of Sales
	Raw Material [including Stores and other items used in manufacturing process]
8	Imported	--	--
9	Indigenous	6535.000	6294.000
10	Total Raw Material	6535.000	6294.000

11	Spares Imported	--	--
12	Spares Indigenous	--	--
13	Total Spares	0.000	0.000

14	Power and Fuel	34.000	35.500

15	Direct Labour	47.600	49.500

16	Other Manufacturing Expenses/ Other Direct Cost	59.100	59.900

17	Depreciation and Amortisation	40.000	35.000

18	Add: Opening Stock in process	--	--

19	Less: Closing Stock in process	--	--

20	Cost of Production	6715.700	6473.900

21	Add: Opening Stock of Finished Goods	629.800	1258.500

22	Less: Closing Stock of Finished Goods	1258.500	1392.000

23	Cost of Sales	6087.000	6340.400

24	Selling, General & Administrative Expenses	735.000	770.000

25	Operating Profit before Interest	428.000	439.600

26	Interest on Working Capital	150.000	150.000

27	Interest on Term Loans	--	--

28	Other Finance Charges	--	--

29	Total Interest Outgo	150.000	150.000

30	Operating Profit after Interest	278.000	289.600

	Other Non-Operating Income
31	Interest on Unsecured Loans and Loans to related parties	--	--

32	Income from Investments and Interest on Deposits	2.000	2.500

33	Forex gain	--	--

34	Profit on sale of Fixed Assets	--	--

35	Profit on sale of Investments	--	--

36	Service Tax Refund	--	--

37	Miscellaneous	10.000	10.000

38	Total Other Non-Operating Income	12.000	12.500

	Other Non-Operating Expenses
39	Goodwill and Other Intangible Assets written off	--	--

40	Preliminary Expenses written off	--	--

41	Other Miscellaneous Expenses written off	--	--

42	Forex loss	--	--

43	Loss on sale of Fixed Assets	--	--

44	Total Other Non-Operating Expenses	0.000	0.000

45	Net Non-Operating Income	12.000	12.500

46	Profit before Tax/ Loss	290.000	302.100

47	MAT Credit	--	--

48	Provision for Taxes	89.600	93.300

49	Prior period Expenses	--	--

50	Net Profit/ Loss	200.400	208.800

51	Equity Dividend paid [including Dividend Tax]	--	--

52	Retained Profit	200.400	208.800

53	Transfer to Other Reserves	--	--

54	Amount transferred to Profit and Loss Account	200.400	208.800

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16 [Estimated]	2016-17 [Projected]

	Current Liabilities: Short Term Borrowings from Banks
1	From Applicant Bank	1100.000	1100.000
2	From Other Banks	680.000	680.000
3	Under Buyers Credit	--	--
4	[Of which Bills purchased and Bill Discounted]	--	--

5	Total Short Term Borrowings from Banks	1780.000	1780.000

	Current Liabilities: Others
6	Short term Borrowings from Others	--	--
7	Sundry Creditors [Trade – without LC]	60.000	55.000
8	Sundry Creditors [Trade – under LC]	--	--
9	Advance Payments from Customers and Deposits from Dealers	1.000	1.000
10	Provision for Taxation	1.000	1.000
11	Dividend Payable [including Taxation]	--	--
12	Other Statutory Liabilities [due within 1 year]	--	--
13	Deposits, Installments of Term Loans, DPGs etc. [due within 1 year]	--	--
14	Other Current Liability and Provisions [due within 1 year]	--	--
15	Provision for Expenditure	--	--
16	Sundry Creditors for Capital Goods	--	--
17	Sundry Creditors for Expenses	--	--
18	Other Current Liabilities	--	--
	Car Loan	--	--
	Advance against sale of land	--	--
	Provision for overseas comm. Account	--	--
	Other payable	5.000	5.000
	Provision for Overseas Commission	--	--

19	Total Other Current Liabilities	67.000	62.000

20	Total Current Liabilities	1847.000	1842.000

	Term Liabilities
21	Debentures [Not maturing within 1 year]	--	--
22	Preference Shares [redeemable after 1 year, but before 12 years]	--	--
23	Secured Term loans [excluding installments payable within 1 year]	--	--
24	Deferred Payment Credits [excluding installments payable within 1 year]	--	--
25	Term / Public Deposits [repayable after 1 year]	--	--
26	Unsecured Loans from Promoters/ Other Group Companies	--	--
	Unsecured Loans – other than from Promoters/ Other Group Companies	--	--
27	Capex Creditors [repayable after 1 year]	--	--
28	Non Current Provisions	--	--
29	Deferred Tax Liabilities	4.500	4.500
30	Car Loan	--	--
	Other Term Liabilities	--	--
	Miscellaneous	5.000	5.000

31	Total Term Liabilities	4.500	4.500

32	Total Outside Liabilities	1851.500	1846.500

	Networth
33	Equity Share Capital	150.000	150.000
34	Preference Share Capital	--	--
35	General Reserve	--	--
36	Revaluation Reserve	--	--
37	Surplus/ Deficit in Profit and Loss Account	466.700	675.500
38	Other Reserves [excluding Provisions]	--	--
39	Security Premium [Share premium]	--	--
40	Warrants / Options/ ESOPs	--	--
41	Share Application Money	--	--

42	Total Networth	616.700	825.500

43	Total Liabilities	2468.200	2672.000

	Current Assets
44	Cash and Cash equivalents	40.100	46.400

	Investments [other than long term]
45	Investments in Govt. and other trustee	--	--
46	Fixed Deposits with Banks	60.000	60.000

47	Total Investments [other than long term]	60.000	60.000

	Other Receivables
48	Receivables [other than Deferred, Exports, BP and BD]	21.000	12.500
49	Export Receivables	312.500	340.000
50	Bills Purchased and Discounted	--	--
51	Installments and Deferred Receivables [receivable within 1 year]	--	--

52	Total Other Receivables	333.500	352.500

	Inventory
53	Raw Material [Imported]	--	--
54	Raw Material [Indigenous]	537.300	607.300

55	Total Raw Material	537.300	607.300

56	Stock-in-process	--	--
57	Finished Goods	1258.500	1392.000
58	Other Consumable Spares [Imported]	--	--
59	Other Consumable Spares [Indigenous]	15.000	20.000

60	Total Other Consumable Spares	15.000	20.000

61	Total Inventory	1810.800	2019.300

62	Advances to Suppliers of Raw Material	--	--
63	Advance Payment of Taxes	--	--

	Other Current Assets
64	TUFS	--	--
65	Excise/ Customs Duty Receivables	--	--
66	Cenvat Credit	--	--
67	Other Current Assets	25.000	30.000
68	Prepaid Insurance/ Expenses	--	--
69	VAT Account	--	--
70	Service Tax Receivable	--	--
71	Miscellaneous	25.000	30.000

72	Total Other Current Assets	25.000	30.000

73	Total Current Assets	2269.400	2508.200

	Fixed Assets
74	Gross Block	347.200	347.200
75	Capital work in progress	--	--
76	Depreciation [till date]	151.100	186.100

77	Net Block	196.100	161.100

	Other Non-Current Assets Investments / Book Debts [which are Non-current Assets]
	Investments
78	Investment in Group Companies	--	--
79	Total Investments	0.000	0.000
80	Advances to Suppliers of Capital Goods	--	--
81	Deferred Receivables [exceeding 1 year]	--	--

	Non-Current Assets - Others
82	Deposits	2.500	2.500
83	Loans and advances to Group Entities	--	--
84	Receivables [over 6 months]	--	--
85	Account Receivables from Group Entities	--	--
86	Receivables from Directors, Employees or Officers	--	--
87	Deferred Revenue Expenditure	0.200	0.200

88	Total Non-Current Assets – Others	2.700	2.700

89	Total Investments/ Book Debts [which are Non-Current Assets]	2.700	2.700

90	Non-Consumable Stores and Spares	--	--

91	Total Non-Current Assets	2.700	2.700

	Intangible Assets
92	Gross Intangible Assets [Patents, Copy Rights etc.]	--	--
93	Amortization [till date]	--	--

94	Net Intangible Assets	0.000	0.000

95	DTA [Deferred Tax Assets]	--	--

96	Total Assets	2468.200	2672.000

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. RAMESH CHAND GUPTA

(RS. IN MILLION)

IMMOVABLE PROPERTIES

LAND AND BUILDINGS

Nature of Immovable Properties	Location R/S. No.	Extent/ Size	Market Value	Assessed Value	Loan/ Charge against the property	Net Means

House	766, Sector-13, Karnal	500 Sq. Yards	50.000	50.000	0.000	50.000

Agricultural Land [1/4^th Share]	Taraori	11.88 acres	80.000	80.000	0.000	80.000

Agricultural Land [1/4^th Share]	Village Tahkhana	546 marlas	40.000	40.000	0.000	40.000

Total Net Value of Immovable Properties [A]						170.000

MOVABLE PROPERTIES

Nature of Movable Assets	Current Balance	Lien/ Loan against the Account	Net Means

Bank Deposits and Cash	4.036	0.000	4.036

Insurance Policies [Surrender]	0.200	0.000	0.200

Investment / MFs/ Equity	99.053	0.000	99.053

Others [PPF]	1.170	0.000	1.170

Net Value of Movable Assets [B]			104.459

NET MEANS OF MR. RAMESH CHAND GUPTA [A+B]

RS. 274.459 MILLION

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. AMAN GUPTA

(RS. IN MILLION)

IMMOVABLE PROPERTIES: NIL

MOVABLE PROPERTIES

Nature of Movable Assets	Current Balance	Lien/ Loan against the Account	Net Means

Bank Deposits and Cash	1.098	0.000	1.098

Insurance Policies [Surrender]	2.217	0.000	2.217

Investment / MFs/ Equity	45.161	0.000	45.161

Others [PPF]	0.578	0.000	0.578

Net Value of Movable Assets			49.054

NET MEANS OF MR. AMAN GUPTA

RS. 49.054 MILLION

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MRS. SANTOSH GUPTA

(RS. IN MILLION)

IMMOVABLE PROPERTIES: NIL

MOVABLE PROPERTIES

Nature of Movable Assets	Current Balance	Lien/ Loan against the Account	Net Means

Bank Deposits and Cash	1.698	0.000	1.698

Insurance Policies [Surrender]	0.197	0.000	0.197

Investment / MFs/ Equity	5.745	0.000	5.745

Others [PPF]	0.581	0.000	0.581

Net Value of Movable Assets			8.221

NET MEANS OF MRS. SANTOSH GUPTA

RS. 8.221 MILLION

------------------------------------------------------------------------------------------------------------------------------

PROJECT REPORT

SWOT ANALYSIS

STRONG POINT: The unit is located in the region of Himalyan Gangetic Terrain, which is very much conducive for production of world class paddy. Hence the quality of BASMATI Rice, it produces is acceptable and appreciated in the whole world. Rice is a necessity, being a staple food in many countries, particularly in Gulf and other Muslim Countries, the marketing is comparatively easier. At the same time, within India, people are now more inclined to consume Rice, adding more demand. Being a foreign exchange earner industry, few government incentives are also available like import of machinery at 0% import duty under EPCG scheme and some part of service tax etc. The growth of industry is in tandem with the growth of population, which is bound to increase. These are the few external strong factors. Whereas the internal strong factors: Company is being controlled by highly experienced directors. It is their 3rd generation, who are holding the forte in production and marketing. They have a direct power supply independent line from HSEB, thus ensuring the uninterrupted power supply. As such, there is no hindrance in production line. Company has a state of art plant and sortex machines, all imported from JAPAN and U.K. In fact, the company is strategically fit to achieve its objectives.

WEAK POINTS: Paddy being a crop, the production depends on nature behavior like Rains and Climate. The paddy crop absorbs lot of water; hence, it affects the ground water level. There is international competition from other paddy growing and rice exporting countries like Thailand, Vietnam, Philippines and Pakistan etc. Also, within the country, there are good numbers of Rice Exporters, and competing within themselves. The Export of Rice from India as well as Import to other countries is prone to the Government Regulations of respective countries. Since most of the contracts are executed well in advance in foreign currency, there is always a risk in exchange fluctuations, which can affect the profits either way. Since the raw material, PADDY, is a seasonal product, it has to be procured within a very short span for production of the whole year. As such, it is highly funds intensive and gearing is on the very high side comparing with the other industries.

OPPORTUNITIES:

1) The whole world is open for marketing the product. Easily, new markets can be explored.

2) A staple food in many countries and hence the necessity.

3) Demand in proportionate of increasing population and hence industry is bound to progress.

THREATS:

1) Unfavourable climatic conditions

2) Prone to changes of Indian as well as Foreign Government Rules and Regulations.

3) Highly capital/ funds intensive industry

4) Foreign Currency fluctuations can affect the margins in both ways.

5) Severe competition from other countries.

PLANT AND MACHINERY ADDED DURING FY 2014-15: ENHANCING PRODUCTION I PACKAGING AND PROCUREMENT

PLANT AND MACHINERY: Company invested Rs. 5.114 Million for upgrading an existing plant. By virtue of this, the milling capacity has been increased to 24 MTPH and is well equipped for production to achieve the sales target.

PACKAGING MACHINE: Company had added packaging machines valued at Rs. 3.676 Million. As a result the total packaging/sorting capacity has increased to 30 MTPH.

SILOS: Company has imported SILOS worth Rs. 15.268 Million for enhancing the procurement level. As a result the storing capacity of Paddy In SILOS has further increased by 700 M. TONS.

------------------------------------------------------------------------------------------------------------------------------

VALUATION REPORT

AMENDED VALUATION REPORT OF IMMOVABLE PROPERTY

PART I

Purpose for which valuation is made

Assessment of Present day Market value for the purpose of loan/ guarantee from State Bank of India, Tataori, District Karnal

Date of Inspection of property

26.07.2014

Date as on which valuation is made

08.08.2014

Name of Owner/ Owners

Shiv Shakti Inter Globe Exports Private Limited, Village Takhana, situated in between G.T. Road to railway over Bridge, Taraori, District Karnal

Sole ownership / joint ownership, co-ownership share of each owner

Private Limited Company

Brief description of property and boundaries

Site under valuation is a Rice shelter on Land measuring 38K – 3M, Village Takhana, situated in between G.T. Road to Railway Over Bridge, Taraori.

North = Road leading to G.T. Road

East = petrol Pump, HUDA Land

West = HUDA Land

South = HUDA Land

Location, Street/ Ward/ House No.

Shiv Shakti Inter Globe Exports Private Limited, Village Takhana, situated in between G.T. Road to railway over Bridge, Taraori, District Karnal

Survey / Plot No. of Land

Khewat No. 93, Khatoni No. 121, Khasra No. and Killa No. 3/2/1(1K-3M), 8/2(5K-16M) 9(7K-02M), 12(8K-0M), 13(8K-0M), 18(6K-0M), 19(2K-02M), kitte 7, Village Takhana, Tehsil Nilokheri, District Karnal

Is the property situated in Residential / Commercial/ Mixed Area/ Industrial Area

The property is situated in a Mixed Area, as all the three sides are surrounded by “HUDA Land” and North side is touching Road connecting G.T. Road and railway flyover means Residential as well as Commercial.

Classification of locality, high class/ middle class/ poor class

Middle Class

Proximity to civic amenities like Schools, Hospitals, Offices, Market, Cinemas etc.

All civic amenities within easy reach

Means and proximity to surface communication which the locality is served

Connected by both rail and road.

Area of land supported by documentary proof, shape and dimensions

Plot Area 38 Kanal 3 Maria or 23080.75 Sq. yd.

Shape of the property is irregular Sale Deed No. 122 dated 11.04.1985.

Road, Streets or Lanes on which the land is abutting

Abutting Road leads to G.T. Road

Is it freehold or leasehold land

Freehold

Is leasehold the name or lesser/ lease, nature of lease, date of commencement

Initial premium

Ground rent payable per annum

Unearned increase payable to the lesser in the event of sale or transfer

Is there any restrictive covenant in regard to use of land? If so

Are there any agreements of easements of? If so

Does the land fall in an area included in any town planning plan of Govt. or any statutory body? If so

Within M.C Limits

Has any contribution been made towards developments or any demand for such contribution still outstanding?

Has the whole or part of the land been notified for acquisition by Govt. or statutory body? Give date of notification

IMPROVEMENTS

Is the building owner-occupied tenanted/ both? If partly owner-occupied, specify portion and extent of area under owner-occupation.

Owner Possession

What is the floor space Index Permissible and percentage actually utilized?

RENT

Name of tenants/ lessees/ lionesses etc.

Portions in their occupation

Monthly of annual rent compensation/ license fee, etc. paid by each

Gross amount received for the whole property

Are any of the occupants related to or close business associates of the owner?

Is separate amount being recovered for the use of fixtures like fans, geysers, refrigerator, cooling ranges, built-in wardrobes, etc. or for service charges? If so

Give details of water and electricity charges? If any to be borne by the owner

Has the tenant to bear the whole of part of cost of repairs and maintenance? Give particulars

If lift is installed, who has to bear the cost of maintenance and operation owner or tenant?

If a pump is installed, who has to bear the cost of maintenance and operation-owner or tenant?

Who has to bear the cost of electricity charges for lighting of common space like entrance hall, stairs, passages, compound etc.

What is the amount of property tax? Who is to bear it? Give details with documentary proof.

As per M.C. byelaws

Is the building insured? If so give the policy no. amount for which it is insured and annual premium

Is any dispute between landlord and tenant regarding rent pending in a court of law?

Has any standard rent been fixed for the premises under any law relating to the Control of Rent?

SALES

Give instances of sales of immovable property in the locality on separate sheet including the name and address of the property, registration no., sale price and area of land sold

No reliable comparable case of sale of property around the locality has come into my notice.

Land rate adopted in this valuation

Rs. 17000/- per Sq. yd.

If sale instances are not available or not relied upon the basis of arriving at the land rate

Present Market Value

COST OF CONSTRUCTION

Year of commencement of construction and year of completion? Future life of the Building

1986-87, Renovated 2013-14 Future life is 60 Years.

What was the method of construction by contract/ by employing labour directly/ both?

For items of work done on contract, produce copies of agreement

For items of work done by engaging labour directly, Give basic rates of material and labour supported by documentary proof.

ADDITIONAL INFO/PAPERS

Whether the immovable property in question is in possession of tenants or is Self-occupied

Self-occupied

Whether it is vacant plot or building

Building

Whether it is an agriculture, residential or industrial

Industrial

Information with respect to Cost indices

Information with respect of Govt. prescribed rates for registration.

Rs. 15000/- per Sq. yd. for the year 2013-14 as the rates for the year 2014-15 have not been displayed on the website.

Past instances of Sale must be given in the Valuation Report.

No past instance of sale of similar prop. in the vicinity has come to my notice.

PART – II VALUATION REPORT

ABSTRACT VALUE

DESCRIPTION OF PROPERTY	VALUE ADOPTING PMR	AMOUNT IN MILLION
Part A
Land 38K – 3M or 23080.75 Sq. yd.	Rs. 17000/- per Sq. yd. 23080.75 x 17000	392.373

Part B
Building		121.738

	Total	514.111

Market Rates for the property	Rs. 514.000 Million

Realizable Sale Value of the property	Rs. 462.700 Million

Distress Sale Value of the property	Rs. 416.400 Million

Sr. No.	Details	Area [in Sq. ft.]	Rate [Rs./ Sq. ft.]	Amount in Million

1	Office Complex	2824	1000	2.824
2	Labour Quarters	5810	350	2.033
3	Residence	2959.5	900	2.664
4	Sortex-I	252 4800	500 350	0.126 1.680
5	Godown	71000	650	46.150
6	Rice Room	1400	500	0.700
7	Milling Plant	3600	350	1.260
8	Paddy Unloader	2528	400	1.011
9	Godown	6250	650	4.063
10	Generator Room	4200	500	2.100
11	Dryer Section	--	L.S.	0.800
12	Paddy Shed	10000	200	2.000
13	Paddy Shed + Store	7130	150	1.069
14	Godown	7592	300	2.278
15	Rice godown	2556	300	0.767
16	Sortex-2	3577	500	1.788
17	Weigh Bridge	--	L.S.	0.800
18	Compressor Shed	17500	350	6.125
19	4 No. Silos and 2 No. Foundations	--	L.S.	35.000
20	Roads	--	L.S.	3.000
21	Water Tank, Supply and Disposal	--	L.S.	1.500
22	Electrification	--	L.S.	1.200
23	Boundry Wall and Gates	--	L.S.	0.800

	Total			121.738

------------------------------------------------------------------------------------------------------------------------------

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10545791	12/12/2014	400,000,000.00	UCO BANK	SCO 55-56-57, SECTOR-17B, CHANDIGARH, CHANDIGARH - 160017, INDIA	C41334442
2	10549775	22/11/2014	1,190,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, MARVEL TOWER, KARNAL, HARYANA - 132001, INDIA	C43741057
3	10466260	24/07/2015 *	1,590,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, MARVEL TOWER (OPPOSITE MANAV SEVA SANGH), KARNAL, HARYANA - 132001, INDIA	C63612741

* Date of charge modification

TRADE REFERENCES

· Goel International Private Limited

Mr. Vinod Goel [91-9215734544]

· GRM Overseas Limited

Huqum Chand Garg [91-180-2652476]

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

· Leasehold improvements

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. 65.16
UK Pound	1	Rs. 99.78
Euro	1	Rs. 73.33

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	TRI

Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	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.

MIRA INFORM REPORT

Unit