MIRA INFORM REPORT

Report Date :

16.08.2011

IDENTIFICATION DETAILS

Name :	KOMAL EXOTIC SPICES PRIVATE LIMITED
Registered Office :	121, Soona Villa, Perry Cross Road, Bandra (West), Mumbai – 400050, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.01.2009
Com. Reg. No.:	11-189496
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U15495MH2009PTC189496
TAN No.: [Tax Deduction & Collection Account No.]	MUMK19025G
PAN No.: [Permanent Account No.]	AADCK5876G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture, import, export , and deal in all or any kinds of agro and allied products, including and consisting of the spices, spiceoils, extracts, essential oils, oleoresins, cereals, pulses, millets, gram, grain, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 50000
Status :	New Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company and establishing itself gradually. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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

LOCATIONS

Registered Office :	121, Soona Villa, Perry Cross Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Tel No. :	Not Available
E-Mail :	ashkaulcs@gmail.com
Fax No. :	Not Available

DIRECTORS

(AS ON 29.09.2010)

Name :	Ms. Komal Gopal Ahuja
Designation :	Director
Address :	121, Soona Villa, Perry Cross Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	24.02.1956
Date of Appointment :	12.01.2009
DIN No. :	00246578
Name :	Mr. Gopal Bhagwandas Ahuja
Designation :	Director
Address :	121, Soona Villa, Perry Cross Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	08.12.1959
Date of Appointment :	12.01.2009
DIN No. :	00375487

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2010)

Names of Shareholders	No. of Shares
Ms. Komal Gopal Ahuja	50000
Mr. Gopal Bhagwandas Ahuja	50000
Total	100000

(AS ON 29.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture, import, export , and deal in all or any kinds of agro and allied products, including and consisting of the spices, spiceoils, extracts, essential oils, oleoresins, cereals, pulses, millets, gram, grain, etc.

GENERAL INFORMATION

Suppliers :

· B. H. Trading Private Limited

· Ganesh International

· PT. Gorom Kencana

· Ramco Exsports

· Rameshkumar Gopaldas

· Royal Golden General Trading

· Saboor Chatoor Private Limited

· Shree Surgovind Tradelink Limited

· V-S Health Care

No. of Employees :

Not Available

Bankers :

· Tamilnadu Mercantile Bank Limited, 92 Hem Prakash Building, Ground Floor, Kazi Sayed, Street, Mandvi, Mumbai – 400003, Maharashtra, India

· Indian Bank

·

Facilities :

SECURED LOAN	AS ON 31.03.2010	AS ON 31.03.2009
– From Other
Kotak Mahindra Prime Limited	0.868	0.000
UNSECURED LOAN
– From Other	0.100	0.105

Banking Relations :	--
Auditors :
Name :	Savla and Associates Chartered Accountants
Address :	8/196, Guru Sevak Kutir, Station Road, Wadala (West), Mumbai – 400031, Maharashtra, India
Tel. No.:	91-22-24102526 / 24112526
Fax No.:	91-22-24132121
PAN No. :	ABIPS0120L

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
160000	Equity Share	Rs. 100/- each	Rs. 16.000 Millions

Issued, Subscribed & Paid-up Capital :

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

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		10.000	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		2.587	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		12.587	0.100
LOAN FUNDS
1] Secured Loans		0.868	0.000
2] Unsecured Loans		0.100	0.105
TOTAL BORROWING		0.968	0.105
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		13.555	0.205
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.186	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.459	12.675
	Sundry Debtors	24.488	0.000
	Cash & Bank Balances	9.108	0.159
	Other Current Assets	0.000	0.000
	Loans & Advances	6.497	0.537
Total Current Assets		83.552	13.371
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	68.400	13.182
	Other Current Liabilities	0.067	0.000
	Provisions	2.716	0.000
Total Current Liabilities		71.183	13.182
Net Current Assets		12.369	0.189
MISCELLANEOUS EXPENSES		0.000	0.016
TOTAL		13.555	0.205

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	172.892	0.000
		Other Income	1.696	0.000
		TOTAL (A)	174.588	0.000
Less	EXPENSES
		Cost of Material	166.568	0.000
		Administrative and Other Expenses	3.543	0.016
		TOTAL (B)	170.111	0.016
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.477	(0.016)
Less	FINANCIAL EXPENSES (D)		0.453	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.024	(0.016)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.176	0.000
	PROFIT BEFORE TAX (E-F) (G)		3.848	(0.016)
Less	TAX (I)		1.261	0.000
	PROFIT AFTER TAX (G-I) (J)		2.587	(0.016)
	Earnings Per Share (Rs.)		25.87	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	1.48	(0.00)
Net Profit Margin (PBT/Sales)	(%)	2.23	(0.00)
Return on Total Assets (PBT/Total Assets}	(%)	4.54	(1.20)
Return on Investment (ROI) (PBT/Networth)		0.31	(0.16)
Debt Equity Ratio (Total Liability/Networth)		5.73	132.87
Current Ratio (Current Asset/Current Liability)		1.17	1.01

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U15495MH2009PTC189496
Name of the company	KOMAL EXOTIC SPICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	121, Soona villa, Perry Cross Road, Bandra (W), Mumbai -400050, Maharashtra, INDIA ashkaulcs@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10179102
Type of charge	· Book debts · Movable property (not being pledge) · Letter of hypothecation
Particular of charge holder	Tamilnad Mercantile Bank Limited 92 Hem Prakash Building, Ground Floor, Kazi Sayed Street, Mandvi, Mumbai -400003 , Maharashtra mumbai_mandvi@tnmbonline.com
Nature of instrument creating charge	Agreement for demand cash credit on the hypothecation of movable properties, letter of hypothecation of book debts loans dated 06.06.2011
Date of instrument Creating the charge	06.06.2011
Amount secured by the charge	Rs. 60.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	(a) Rate of interest NOT APPLICABLE (b) Terms of repayment ONE YEAR (c) Margin 25% (d) Extent and operation of the charge FOREIGN LETTER OF CREDIT/ BG FOR SHORT TERM TRADE CREDIT/ FOREIGN CURRENCY LOAN(FLC DP- 180 DAYS) FORWARD CONTRACT
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary Security- On Lien over Airway Bill/ Bill of lading covering the goods imported under FLC-DP terms Primary Security- On hypothecation of stock/ book debts arising out of goods imported under FLC DA terms/ FCL/ BG for STTC Collateral- On equitable mortgage of house flat no A-2, ad measuring 255 sq ft in 1st floor, Dayal Niwas, Sector 19, Koperkhaine, Navi Mumbai standing in the name of M/s Komal Exotic Spices Private Limited On equitable mortgage of Unit No. A-302 ad measuring 466 sq ft at Merchant Centre, Plot No 14, Sector-19 Vashi, Navi Mumbai standing in the name of M/s Komal Exotic Spices Private Limited On equitable mortgage of flat no 121 Soona Villa,12th Flr, Plot No. 11, Kantwadi, Perry Cross Road, Bandra (w) Mumbai 50, ad measuring 900 sq ft standing in name of Mr. Gopal Ahuja On equitable mortgage of flat no 121 Soona Villa,12th Flr, Plot No. 11, Kantwadi, Perry Cross Road, Bandra (w) Mumbai 50 ,ad measuring 900 sq ft standing in name of Mrs. Komal Ahuja on the personal guarantee of all directors
Particulars of the present modification	Charge amount has been modified from Rs. 3.000 Millions to Rs. 60.000 Millions

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.45.37
UK Pound	1	Rs.73.53
Euro	1	Rs.64.37

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		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.