MIRA INFORM REPORT

Report Date :

11.04.2011

IDENTIFICATION DETAILS

Name :	ROVIN IMPEX PRIVATE LIMITED
Registered Office :	2 Jay Shiv Shanker Co-operative Housing Society Limited, Shivaji Park Road No. 5, Mahim, Mumbai – 400016, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	31.07.2008
Com. Reg. No.:	11-185272
CIN No.: [Company Identification No.]	U74900MH2008PTC185272
TAN No.: [Tax Deduction & Collection Account No.]	MUMR23987F
Legal Form :	Private Limited Liability Company.
Line of Business :	Trader and Importer of Processed Food Snacks, Non-Alcoholic Drinks, Pickles and Jams Ketchups

RATING & COMMENTS

MIRA’s Rating :

Ba (28)

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

Maximum Credit Limit :	USD 4000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Nimesh Chheda
Designation :	Director
Contact No.:	91-9821220002
Date :	09.04.2011

LOCATIONS

Registered Office :	2 Jay Shiv Shanker Co-operative Housing Society Limited, Shivaji Park Road No. 5, Mahim, Mumbai – 400016, Maharashtra, India
Tel. No.:	91-22-24460661
Mobile No.:	91-9821220002 (Mr. Nimesh Chheda)
Fax No.:	91-22-24461455
E-Mail :	nimesh@rovinimpex.com nimeshchheda@rediffmail.com
Website :	http://www.rovinimpex.com
Area :	500 sq. ft.
Location :	Owned
Warehouse 1:	Bhiwandi at Anjur Phata
Location :	Rented
Warehouse 2:	Vashi – Near Hyundai Car Showroom
Location :	Rented

DIRECTORS

As On 30.09.2010

Name :	Mr. Shafi Yusuf Mohammed
Designation :	Director
Address :	C – 4, New Rising Sun Apartment. Juhu Church Road, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	13.06.1953
Qualification :	Graduate
Date of appointment :	31.07.2008
DIN No.:	01645162
Name :	Mr. Diljitsingh Gopalsingh Mutneja
Designation :	Director
Address :	8, Ramkripa, L T Dilip Gupte Marg, Mahim, Mumbai – 400016, Maharashtra, India
Date of Birth/Age :	31.03.1968
Qualification :	Graduate
Date of appointment :	31.07.2008
DIN No.:	02246693
Name :	Mr. Nimesh Devchand Chheda
Designation :	Director
Address :	6, Bhikoba Niwas, 2^nd Floor, Gokhale Road Dadar, Mumbai – 400028, Maharashtra, India
Date of Birth/Age :	10.04.1974
Qualification :	Graduate
Date of appointment :	31.07.2008
DIN No.:	02246678
Name :	Mr. Vivek Girish Bhuta
Designation :	Director
Address :	12, Kasturi Apartment, Sanewadi, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	04.05.1973
Qualification :	Graduate
Date of appointment :	31.07.2008
DIN No.:	01323010
Name :	Mr. Raju Balubhai Moshwadia
Designation :	Director
Address :	B/402, Building No.9, 4^th floor, Prem Nagar, Mandpeshwar Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	16.04.1976
Qualification :	Graduate
Date of appointment :	31.07.2008
DIN No.:	02239581
Name :	Ankur Prasankumar Surana
Designation :	Director
Address :	47/1348, MIG Adarsh Nagar Colony, Worli, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	26.09.1975
Date of appointment :	01.04.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2010

Names of Shareholders	No. of Shares
Mohammed Yusuf Shafi	1600
Diljit Gopalsingh Mutneja	1200
Raju Balubhai Moshwadia	2000
Nimesh Devchand Chheda	1200
Vivek Girish Bhuta	2000
Ankur Prsankumar Surana	2000
Total	10000

As On 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Processed Food Snacks, Non-Alcoholic Drinks, Pickles and Jams Ketchups
Imports :
Products :	· Food Items
Countries :	· Germany · Australia · European Countries
Terms :
Selling :	Cash, Credit: 30/60/90 Days
Purchasing :	Cash, Credit: 30/60/90 Days

GENERAL INFORMATION

Customers :

• Wholesalers and Retailers
• End Users and OEM’s
• Dealers and Distributors

No. of Employees :

20 (approximately)

Bankers :

• HDFC Bank, HDFC Bank Hosue Senapati Bapat Marg, Lower Parel (W), Mumbai - 400013, Maharashtra, India

Facilities :

Cash Credit: Rs. 6.000 Millions (HDFC Bank)

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Directors	15.767	6.193
From Intercorporate	0.040	0.668
Total	15.807	6.861

Banking Relations :	--
Auditors :
Name :	K L Parmar and Company Chartered Accountant
Address :	30/1 Saideep Apartment, J. B. Nagar, Andheri (E), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28202606/28210999
Fax No.:	91-22-28202605
E-mail :	Klparmar@gmail.com

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1.130	0.097
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.230	0.197
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		15.807	6.861
TOTAL BORROWING		15.807	6.861
DEFERRED TAX LIABILITIES		0.005	0.005
TOTAL		17.042	7.063
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.185	0.166
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.528	4.220
	Sundry Debtors	9.435	3.712
	Cash & Bank Balances	0.206	0.310
	Other Current Assets	0.000	0.000
	Loans & Advances	1.649	2.434
Total Current Assets		19.818	10.676
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.961	3.030
	Current Liabilities	0.020	0.549
	Provisions	0.989	0.212
Total Current Liabilities		2.970	3.791
Net Current Assets		16.848	6.885
MISCELLANEOUS EXPENSES		0.009	0.012
TOTAL		17.042	7.063

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	52.177	6.828
		Other Income	NA
		TOTAL	NA
Less	EXPENSES
		Office Expenses		NA
		Administrative Expenses
		Advertising Expenses
		Financial
		Deprecation
		TOTAL	54.951
	PROFIT BEFORE TAX		1.534	0.219
Less	TAX		0.500	0.122
	PROFIT AFTER TAX		1.034	0.097
	IMPORTS
		Raw Materials	31.085	3.077
	TOTAL IMPORTS		31.085	3.077
	Earnings Per Share (Rs.)		10.34	9.70

Expected Sales (2010-2011) : Rs. 60.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	2.94	3.21
Return on Total Assets (PBT/Total Assets}	(%)	7.67	2.02
Return on Investment (ROI) (PBT/Networth)		1.25	1.11
Debt Equity Ratio (Total Liability/Networth)		15.27	54.07
Current Ratio (Current Asset/Current Liability)		6.67	2.82

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details

Rs. In Millions

Particulars	31.03.2010	31.03.2009
Sundry Creditors	1.961	3.030

OPERATIONS:

During the year the company has earned a net profit of Rs. 1.534 million. The directors are pursuing for better future and prospects in the years to come.

FINANCIAL RESULTS AND DIVIDEND:

To preserve reserves for future diversification the directors do not recommend any dividend for the year.

Contingent Liabilities:

Provision is made in separate of those contingent which are likely to material in to liabilities after the year ended till the approval of accounts by the boards of directors and which have material effect on the started in the balance sheet.

FORM 8:

Corporate identity number of the company

U74900MH2008PTC185272

Name of the company

ROVIN IMPEX PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

2, Jay Shiv Shankar Co-Op Hsg Soc Limited, Shavji Park Raod No 5, Mahim, Mumbai- 400016, Maharashtra, India

This form is for

Creation of charge

Type of charge

Book Debts

Movable Property

Floating Charge

Particular of charge holder

Name :	HDFC Bank Limited
Address :	HDFC Bank Hosue Senapati Bapat Marg, Lower Parel (W), Mumbai - 400013, Maharashtra, India
Email :	RBBform8@hdfcbank.com

Nature of instrument creating charge

Letter of Hypothecation.

Date of instrument Creating the charge

02.06.2010

Amount secured by the charge

Rs. 6.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - Interest at the rate as may be communicated by the Bank from time to time.

Terms of Repayment - On Demand

Margin - Company shall at all times during the continuance of this security maintain the said debts of a sufficient amount to provide the margin of security as may from time to time advised by the Bank.

Extent and Operation of the charge - Hypothecation by way of First Charge on Company's Stocks, Book Debts etc., to secure as a continuing security for the repayment of Rs.6.000 millions, together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.

Particulars of the property charged

All the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and All the book-debts, outstandings monies receivables, claims and bills which are now due and owing or which may at any time hereafter during the continuance

Fixed Assets:

• Furniture
• Computer
• Air conditioner

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 records 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.44.04
UK Pound	1	Rs.72.19
Euro	1	Rs.63.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.