MIRA INFORM REPORT

Report Date :

19.08.2011

IDENTIFICATION DETAILS

Name :	LONGULF TRADING (INDIA) PRIVATE LIMITED
Registered Office :	B/204, Citipoint, Andheri Kurla Road, J.B. Nagar, Andheri (East), Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.05.1996
Com. Reg. No.:	11-099287
Capital Investment / Paid-up Capital :	Rs.7.000 Millions
CIN No.: [Company Identification No.]	U51900MH1996PTC099287
TAN No.: [Tax Deduction & Collection Account No.]	MUML04586B MUML02293E
PAN No.: [Permanent Account No.]	AAACL1075D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Raw Materials, Agricultural–Commodities and Engineering Goods.
No. of Employees :	Approximately 25 (In Office)

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1356000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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. Vijay
Designation :	Chief Executive’s Secretary
Contact No.:	91-22-67600900

LOCATIONS

Registered Office :	B/204, Citipoint, Andheri Kurla Road, J.B. Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-67600900
Fax No.:	91-22-66459400/ 67600910
E-Mail :	longulf@vsnl.net longulf@longulfindia.com farooq@longulfindia.com
Website :	www.longulf.com
Head Office :	Longulf Trading (UK) Limited, Prince Albert House, 2 Kingsmill Terrace, London NW8 6BN
Tel. No.:	+ 44 (0) 20 7722 7733
Fax No.:	+ 44 (0) 20 7722 2989
E-Mail :	info@longulf.com
Website :	www.longulf.com
Hangzhou Office :	Longulf Trading (UK) Limited Room 2006, Huaxing Century Mansion, No. 317 Wangtang Road, Hangzhou 310012, China
Tel. No.:	+ 86 571 8506 0302
Fax No.:	+ 86 571 8506 0332
E-Mail :	elvabarrass@longulf.com
Longulf Egypt Office :	11 Asma Fahmy Street, 1^st Floor, Apartment 3 Ard El Golf, Heliopolis, Cairo Egypt
Tel. No.:	+ 20 2 2414 2810
Fax No.:	+ 20 2 2417 7438
E-Mail :	longulf@link.net
Longulf Slovakia Office :	Janka Krala 2, 048 01 Roznava, Slovak Republic
Tel. No.:	+ 421 58 733 1122
Fax No.:	+ 421 58 733 1122
E-Mail :	msa.slovakia@longulf.com
Longulf Iran Office :	No 22 Pamenar Street, 15^th Khordad Street, Post Code 1116967155 Tehran
Tel. No.:	+ 98 21 3399 8632
Fax No.:	+ 98 21 3398 1653
E-Mail :	farjam.behrouzi@longulf.com

DIRECTORS

As on 30.09.2010

Name :	Mr. Dirhem Abdo Saeed Anam
Designation :	Director
Address :	1, Ferneroft Avenue, London, United Kingdom-NW37PG
Date of Birth/Age :	21.07.1952
Date of Appointment :	30.04.1997
DIN No.:	03112379
Name :	Mr. Abdul Rahaman Hayel Saeed
Designation :	Director
Address :	P.O. Box 8680, Jeddah 21492, Saudi Arabia
Date of Birth/Age :	18.02.1942
Date of Appointment :	30.04.1997
Name :	Mr. Rajesh Bhagchand Golechha
Designation :	Director
Address :	231, Antariksha, K.G. Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India
Date of Birth/Age :	13.08.1964
Date of Appointment :	02.03.1998
DIN No.:	00037455

KEY EXECUTIVES

Name :	Mr. Vijay
Designation :	Chief Executive’s Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Frimex Trading L.L.C., Dubai U.A.E.	357000
Caine Investment Limited, Port Louise, Mauritius	343000
Total	700000

As on 21.02.2011

Names of Allottees	No. of Shares
Frimex Trading L.L.C., Dubai U.A.E.	284550
Neo-Pharma Private Limited, India	2450
Total	287000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :	Trader of Raw Materials, Agricultural–Commodities and Engineering Goods.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :	Approximately 25 (In Office)
Bankers :	Axis Bank, Andheri (East), Mumbai, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Dalal Doctor and Associates Chartered Accountants
Address :	305, TV Industrial Estate, 248/A, S.K. Marg, Behind Glaxo, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-66625050
Mobile No.:	91-9867555050/ 9867555051
Fax No.:	91-22-66627890
E-Mail :	sp@dalaldoctor.com
Income-tax PAN of auditor or auditor's firm :	AACFD9379H
Related parties by whom control is exercised :	Frimex Trading L.L.C. Address: P.O. Box 4397, Dubai U.A.E. Caine Investment Limited Address: Ken Lee Building, 4/5^th Floor, Edith Cavel Street, Port Louise, Mauritius
Fellow Subsidiaries :	Longulf Trading (U.K.) Limited Omar Kaseem Alesayi Marketing Company Limited A.R. Hayel Saeed Trading Estate National Food Industries Company Limited Untied Carton Industries Company Limited National Biscuit and Confectionery Company Limited

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
987000	Equity Shares	Rs.10/- each	Rs.9.870 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs.7.000 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		7.000	7.000	7.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		332.046	212.201	124.317
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		339.046	219.201	131.317
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	4.734
TOTAL BORROWING		0.000	0.000	4.734
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		339.046	219.201	136.051
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.765	6.188	6.520
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.602	0.943	0.500
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	52.569	215.744	87.695
	Sundry Debtors	228.544	27.045	30.326
	Cash & Bank Balances	133.914	5.467	36.844
	Other Current Assets	16.189	11.010	14.706
	Loans & Advances	22.348	247.725	69.906
Total Current Assets		453.564	506.991	239.477
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	74.796	111.043	10.984
	Other Current Liabilities	26.266	170.329	39.631
	Provisions	21.823	13.549	59.831
Total Current Liabilities		122.885	294.921	110.446
Net Current Assets		330.679	212.070	129.031
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		339.046	219.201	136.051

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1932.232	1579.192	703.389
		Other Income
		TOTAL (A)	1932.232	1579.192	703.389
Less	EXPENSES
		Office Expenses	1744.725	1442.301	650.248
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1744.725	1442.301	650.248 (including financial and depreciation)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		187.507	136.891
Less	FINANCIAL EXPENSES (D)		3.252	2.612
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		184.255	134.279
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.532	0.092
	PROFIT BEFORE TAX (E-F) (G)		182.723	134.187	53.141
Less	TAX (H)		62.878	46.303	17.919
	PROFIT AFTER TAX (G-H) (I)		119.845	87.884	35.222
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		211.990	124.106	NA
	BALANCE CARRIED TO THE B/S		331.835	211.990	NA
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	1894.013	1379.179	517.121
		Commission	4.275	14.282	12.186
	TOTAL EARNINGS		1898.288	1393.461	529.307
	Earnings Per Share (Rs.)		171.21	125.55	50.32

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.20	5.57	5.01
Return on Total Assets (PBT/Total Assets}	(%)	39.61	26.15	21.60
Return on Investment (ROI) (PBT/Networth)		0.54	0.61	0.40
Debt Equity Ratio (Total Liability/Networth)		0.36	1.35	0.88
Current Ratio (Current Asset/Current Liability)		3.69	1.72	2.17

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office of the company has been shifted from 4^th Floor, Maneckji Wadia Building, 127, M.G. Road, Mumbai – 400 023, Maharashtra to the present address w.e.f. 27.03.2007

FORM 8:

Name of the company	LONGULF TRADING (INDIA) PRIVATE LIMITED
Presented By	Credit Agricole Indosuez and Longulf Trading (I) Private Limited
1) Date and description of instrument creating the change	Dated 03.02.1998 Agreement of hypothecation of plant and machinery / goods / book debts
2) Amount secured by the charge/amount owing on the securities of charge	Rs.19.500 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All tangible movable property such as products, stock in trade and goods of the borrower which now or here after from time to time during this security shall brought in, stored or be in or about the premises warehouse anywhere else or godowns of the borrower in India
4) Gist of the terms and conditions and extent and operation of the charge.	Compound interest @7% over the bank per interest tax or at such other rate as may from time to time be fixed by the bank
5) Name and Address and description of the person entitled to the charge.	Credit Agricole Indosuez Ramon House, 169, Backbay Reclamation, Mumbai – 400020. (Now shifted to Hoechst House, 11^th Floor, Nariman Point, Mumbai - 400021)
6) Date and brief description of instrument modifying the charge	Dated : 06.12.2001
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Past Modifications The original charge created on 03.02.1998 for Rs.19.500 Millions was modified and increased to Rs.38.700 Millions on 03.06.1999 Further modified on 20.08.2001 Rs.47.150 Millions (Last modification registered in 14.09.2001 under Doc No. 20) Present Modifications The bank having at the request of the borrower has increased the aggregate limits from Rs.47.150 Millions to Rs.48.000 Millions. The borrower herby hypothecates by way of first charge in favour of the bank the additional securities and confirms that al the terms and conditions of the said principal agreement of hypothecation and the said supplemental agreement of hypothecation shall apply to the said additional securities for all proposes and intents and; The borrower further agrees, undertakes and confirms to the bank that the security of first hypothecation charge created by the borrower in favour of the bank over the said stocks, book debts and machinery and over the additional securities, shall from the date hereof constitute security to the bank not only for the earlier credit facilities but also for the enhanced credit facility of Rs.48.000 millions

TRADE REFERENCES:

v Kohinoor Food Limited

FIXED ASSETS:

v Computers

v Furniture and Fixtures

v Office Equipments

v Plant and Machinery

v Motor Car

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.45.61
UK Pound	1	Rs.75.32
Euro	1	Rs.65.68

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		65

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.