MIRA INFORM REPORT

Report Date :

18.04.2011

IDENTIFICATION DETAILS

Name :	I AHMED AND CO (COLD STORAGE AND EXPORTS) PRIVATE LIMITED
Registered Office :	Plot Nos. 34,35 AND 36, MAFCO A.P.M., Sector 18, Vashi, Navi Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.11.1978
Com. Reg. No.:	11-020773
CIN No.: [Company Identification No.]	U51900MH1978PTC020773
TAN No.: [Tax Deduction & Collection Account No.]	MUMI05357C
PAN No.: [Permanent Account No.]	AAACI2563B
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter of Meat and Fishes

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 110000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – 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 (GENERAL DETAILS)

Name :	Mr. Ali
Designation :	Account Departments
Date :	09.04.2011

LOCATIONS

Registered Office/ Factory :	Plot Nos. 34,35 AND 36, MAFCO A.P.M., Sector 18, Vashi, Navi Mumbai – 400001, Maharashtra, India
Tel. No.:	91-227-27888745/325/578
Fax No.:	91-227-27888771
E-Mail :	mail@iahmed.com contact@iahmed.com
Website :	www.iahmed.com
Location :	Owned

DIRECTORS

As On 30.09.2010

Name :	Mohteshim Ahmed Khan
Designation :	Chairman
Address :	18, Thakur Niwas, Jamshedji Tata Road, Churchage, Mumbai – 400020, Maharashtra, India
Date of Appointment :	01.04.1989
DIN No.:	01030005
Name :	Mubashir Ahmed Khan
Designation :	Director
Address :	18, Thakur Niwas, Jamshedji Tata Road, Churchage, Mumbai – 400020, Maharashtra, India
Date of Appointment :	05.01.1996
DIN No.:	01030102
Name :	Moazzam Ahmed Khan
Designation :	Director
Address :	18, Thakur Niwas, Jamshedji Tata Road, Churchage, Mumbai – 400020, Maharashtra, India
Date of Appointment :	01.05.1991
DIN No.:	01030142
Name :	Mukarram Ahmed Khan
Designation :	Director
Address :	18, Thakur Niwas, Jamshedji Tata Road, Churchage, Mumbai – 400020, Maharashtra, India
Date of Appointment :	05.01.1996
DIN No.:	02447733
Name :	Ehtesham Ahmed Khan
Designation :	Director
Address :	18, Thakur Niwas, Jamshedji Tata Road, Churchage, Mumbai – 400020, Maharashtra, India
Date of Appointment :	05.11.1987
DIN No.:	02447742

KEY EXECUTIVES

Name :	Mr. Ali
Designation :	Account Departments

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2010

Names of Shareholders	No. of Shares
Mohteshim Ahmed Khan	4064
Ehtesham Ahmed Khan	10269
Moazzam Ahmed Khan	10243
Mukkarram Ahmed Khan	11224
Muabshir Ahmed Khan	21200
Shehnaz Irshad Khan	17000
Shabnam Khan	16000
Total	90000

As On 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporter of Meat and Fishes
Products :	Frozen Buffalo Meat Frozen Mutton Carcasses Frozen Mutton Cubes Cold Storage
Exports :
Products :	Meat and Fishes
Countries :	All over the world
Terms :
Selling :	Advance Payment

GENERAL INFORMATION

Suppliers :

• ACE Electricals
• Ashok Traders
• CD Replica
• New Taslima Enterprises
• H B Tripathi
• Ferco Metals
• Deep Steels
• Kruti Enterprises
• Regal Printers
• Sanjeev Maru
• Shaikh Takir Hussain
• Shree Packaging

Customers :

• Wholesalers
• Yash Fisheries
• Golden Star Trading and Shipping
• Al Quresh Exports
• Alliance Frozen Foods Private Limited
• Al Kabeer Exports
• Royal Chicken Center
• Shroff Processed Foods
• Samnan International
• Son Tung Company Limited
• Western Traders

No. of Employees :

30 (approximately)

Bankers :

• Bombay Mercantile Co-op Bank Limited – Vashi Branch
• The Vysya Bank Limited – Mittal Tower, A Wing 210, Nariman Point Branch, Mumbai – 400021, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Overdraft facility from Bombay Mercantile Co-op Bank Limited (Secured against discharged Fixed Deposit Receipts of the Bank)	0.355	0.257
Total	0.355	0.257

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Directors	1.950	2.950
Total	1.950	2.950

Banking Relations :	--
Auditors :
Name :	Suresh C. Maniar and Company Chartered Accountant
Address :	87, Arcadia, 195, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22841668/22841930
E-Mail :	scmcoca@rediffmail.com
Pan No.:	AAAFS4555J
Associates :	I. Ahmed and Company

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs. 100/- each	Rs. 9.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		9.000	9.000	9.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		18.716	9.308	1.910
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		27.716	18.308	10.910
LOAN FUNDS
1] Secured Loans		0.355	0.257	0.000
2] Unsecured Loans		1.950	2.950	2.900
TOTAL BORROWING		2.305	3.207	2.900
DEFERRED TAX LIABILITIES		1.367	0.608	0.000
TOTAL		31.388	22.123	13.810
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.597	25.490	4.869
Capital work-in-progress		0.000	0.000	8.617
INVESTMENT		2.184	2.766	1.988
DEFERREX TAX ASSETS		0.349	0.290	0.207
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	16.553	8.198	4.147
	Cash & Bank Balances	0.963	2.048	1.951
	Other Current Assets	0.556	0.423	0.365
	Loans & Advances	12.786	9.045	4.918
Total Current Assets		30.858	19.714	11.381
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.143	7.779	4.154
	Other Current Liabilities	6.743	7.526	4.125
	Provisions	15.714	10.832	4.973
Total Current Liabilities		27.600	26.137	13.252
Net Current Assets		3.258	(6.423)	(1.871)
MISCELLANEOUS EXPENSES		0.000	0.000	13.810
TOTAL		31.388	22.123

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	324.915	130.386	36.251
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	309.216	117.756
	PROFIT BEFORE TAX		15.699	12.630	NA
Less	TAX		5.764	4.706
	PROFIT AFTER TAX (G-I)		9.935	7.924	5.736
	Earnings Per Share (Rs.)		110.38	88.05	NA

Expected Sales (2010-2011) : Rs. 500.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.06	6.08	15.82
Return on Total Assets (PBT/Total Assets}	(%)	27.81	27.94	NA
Return on Investment (ROI) (PBT/Networth)		0.57	0.69	NA
Debt Equity Ratio (Total Liability/Networth)		1.08	1.60	1.48
Current Ratio (Current Asset/Current Liability)		1.12	0.75	0.86

LOCAL AGENCY FURTHER INFORMATION

Financial Results:

The total income of the company amounted to Rs. 324.915 millions as compare to Rs. 130.386 millions over the previous year. The net profit of the company earned amounted to Rs. 9.935 as compare to Rs. 7.924 millions in the previous year.

Fixed Assets:

• Land
• Building
• Building staff
• Cold storage building
• Cold storage plant and machinery
• Plant and machinery
• Electrical fittings
• Plant utensils
• Air conditioners
• Processing tables
• Furniture and fixtures
• Office equipment
• Cycles
• Computers
• Laboratory equipment
• Motor car
• Generator and fittings
• Weighing scale
• Mobile instruments

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.44.52
UK Pound	1	Rs.72.72
Euro	1	Rs.64.41

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
TOTAL		49

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.