MIRA INFORM REPORT

Report Date :

25.04.2011

IDENTIFICATION DETAILS

Name :	RASOI MAGIC FOODS (INDIA) PRIVATE LIMITED
Registered Office :	554, Market Yard, Gate No.5, Gultekdi, Pune-411037, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.09.2007
Com. Reg. No.:	11-130671
CIN No.: [Company Identification No.]	U15400PN2007PTC130671
TAN No.: [Tax Deduction & Collection Account No.]	PNER0938D
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Trader of Instant Mix, Spices

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 15000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as 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

Name :	Mr. Kishore Virat
Designation :	Account Manager
Contact No.:	91-20-26931400
Date :	22.04.2011

LOCATIONS

Registered Office / Factory :	554, Market Yard, Gate No.5, Gultekdi, Pune-411037, Maharashtra, India
Tel. No.:	91-20-24261935
Fax No.:	91-20-66031720
E-Mail :	info@rasoimagic.com exports@rasoimagic.com marketing@rasoimagic.com account@rasoimagic.com
Website :	www.rasoimagic.com
Area :	5000 sq. ft.
Location :	Owned

DIRECTORS

As On : 30.09.2010

Name :	Mr. Umakant Vishwanth Gupte
Designation :	Managing Director
Address :	S N No15/2/1 B, Flat No.D/7, SamarthPark Wadgaon BK, Pune-411041, Maharashtra, India
Date of Birth/Age :	12.09.1956
Date of Appointment :	13.09.2007
DIN No :	01783322
Name :	Mr. Dhanyakumar H. Chordia
Designation :	Director
Address :	Snehmit 3 / 4, Ekopa Society Saliabury Park, Pune-411037, Maharashtra, India
Date of Birth/Age :	03.11.1962
Date of Appointment :	25.07.2008
DIN No :	00770191

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Snehal D Chordia	6000
Dhanyakumar H Chordia	2000
Sanjeevani D Chordia	1000
Amit D Chordia	1000
Mahendra Mehta / Vibhuti Mehta	2500
Vibhuti Mehta / Mahendra Mehta	2500
Dhanyakumar H Chordia /Sanjeevani D Chordia	7500
Sanjeevani D Chordia / Dhanyakumar H Chordia	7500
Amit D Chordia / Dhanyakumar H Chordia	12500
Snehal Chordia / Dhanyakumar H Chordia	7500
Total	50000

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		90.00
Other top fifty shareholders		10.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Instant Mix, Spices
Terms :
Selling :	Cash, Credit (30/ 60 / 90 days)
Purchasing :	Cash, Credit (30/ 60 / 90 days)

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

· OEM’s

No. of Employees :

50 (Approximately)

Bankers :

· The Vishweshwar Sahakari Bank Limited, 471/472, Gultekadi, Market Yard, Pune-411037, Maharashtra, India

Facilities :

SECURED LOAN	31.03.2009 Rs. In Millions
HDFC Bank Car Loan	0.248
Total	0.248
UNSECURED LOAN	31.03.2009 Rs. In Millions
Dhanyakumar H Chordia	0.521
Total	0.521

Banking Relations :	--
Auditors :
Name :	Bharat H Shah Chartered Accountant
Address :	B 202, Premanand Park, Wanwadi, Pune-411040, Maharashtra, India

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/- each	Rs. 0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/- each	Rs. 0.500 million

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		0.500	0.100	0.100
2] Share Application Money		0.000	0.075	0.075
3] Reserves & Surplus		3.278	0.237	0.000
4] (Accumulated Losses)		0.000	0.000	(0.898)
NETWORTH		3.778	0.412	(0.723)
LOAN FUNDS
1] Secured Loans		1.114	0.248	1.016
2] Unsecured Loans		0.200	0.521	0.525
TOTAL BORROWING		1.314	0.769	1.541
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5.092	1.181	0.818
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.377	2.282	2.124
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.037	0.037	0.037
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.770	3.271	3.479
	Sundry Debtors	1.819	0.810	0.688
	Cash & Bank Balances	0.564	0.723	0.190
	Other Current Assets	0.236	0.225	0.006
	Loans & Advances	2.179	0.757	0.436
Total Current Assets		10.568	5.786	4.799
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		3.323	5.879
	Other Current Liabilities	10.890	2.985	0.263
	Provisions	0.000	0.616	0.000
Total Current Liabilities		10.890	6.924	6.142
Net Current Assets		(0.322)	(1.138)	(1.343)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5.092	1.181	0.818

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	65.505	43.042	10.109
		Other Income	0.038	0.024
		TOTAL (A)	65.543	43.066	10.109
Less	EXPENSES
		Cost of Materials	28.076	15.801	NA
		Manufacturing Expenses	4.625	2.367	NA
		Employees Remuneration	10.105	7.652	NA
		Administrative Expenses	17.800	14.861	NA
		Increase / (Decrease) in Finished Stock	(0.843)	0.435	NA
		TOTAL (B)	59.763	41.116	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.780	1.950	NA
Less	FINANCIAL EXPENSES (D)		0.167	0.135	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.110	1.815	(0.763)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.285	0.429	0.135
	PROFIT BEFORE TAX (E-F) (G)		4.329	1.386	(0.898)
Less	TAX (H)		1.288	(1.148)	NA
	PROFIT AFTER TAX (G-H) (I)		3.041	0.238	NA
	Earnings Per Share (Rs.)		65.56	23.80	--

Expected Sales (2010-2011) : Rs. 80.000 millions (Approximately)

Expected Sales (2011-2012) : Rs. 100.000 millions.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.00	0.55	NA
Net Profit Margin (PBT/Sales)	(%)	6.61	3.22	NA
Return on Total Assets (PBT/Total Assets}	(%)	27.14	17.18	(12.97)
Return on Investment (ROI) (PBT/Networth)		1.14	3.36	1.24
Debt Equity Ratio (Total Liability/Networth)		3.23	18.67	(10.63)
Current Ratio (Current Asset/Current Liability)		0.97	0.84	0.78

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. in Millions)

SOURCES OF FUNDS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	NA
Sundry Creditors for Material		2.553	3.949
Sundry Creditors for Expenses		0.770	1.930
Total	NA	3.323	5.879

FORM 8

Corporate identity number of the company	U15400PN2007PTC130671
Name of the company	RASOI MAGIC FOODS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	554, Market Yard, Gate No.5, Gultekdi, Pune-411037, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge) Others
Particular of charge holder	The Vishweshwar Sahakari Bank Limited, 471/472, Gultekadi, Market Yard, Pune-411037, Maharashtra, India
Nature of instrument creating charge	Hypothecation deed of tangible goods/ movable property
Date of instrument Creating the charge	13.02.2008
Amount secured by the charge	Rs. 1.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 14% p.a. Penal 2% Terms of repayment For Term Loan – 60 months For Cash Credit – Repayment period -15 months and review period – 12 months Margin 25%
Short particulars of the property charged (Including location of the property)	Present and future machinery as per list provided to the bank and records maintained at the registered office, pune

FIXED ASSETS

· Plant and Machinery

· Air Conditioner

· Computer

· Furniture and Fixture

· 1-10 Car

· Car – Swift

· Trademark

· Vaccum Cleaner

· Electronic Scale

TRADE REFERENCE

· Arakay food Products Limited

· Desai Brothers Limited

· Reliance Fresh Limited

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.44.30
UK Pound	1	Rs.72.92
Euro	1	Rs.64.69

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.