MIRA INFORM REPORT

Report Date :

17.02.2011

IDENTIFICATION DETAILS

Name :	BAKEWELL BISCUITS PRIVATE LIMITED
Registered Office :	College Road Opposite Zirawalaml Show Room Modasa, Sabarkantha, Gujarat.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.04.2004
Com. Reg. No.:	04-043967
CIN No.: [Company Identification No.]	U15412GJ2004PTC043967
TAN No.: [Tax Deduction & Collection Account No.]	AHMB04094G
PAN No.: [Permanent Account No.]	AACCB4274A
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of all types of biscuits.

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 36000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, 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 caution.

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. Rahiz Suthar
Designation :	Managing Director
Contact No.:	91-9979861938
Date :	31.01.2011

LOCATIONS

Registered Office :	College Road Opposite Zirawalaml Show Room Modasa, Sabarkantha, Gujarat, India.
E-Mail :	sales@bakewellbiscuits.com
Factory:	Plot No. 35 to 38, GIDC, Ganeshpur, District Sabarkantha, Modasa-383315, Gujarat, India.
Tel No:	91-2774243557
Fax No:	91-2774243556
E-Mail :	sales@bakewellbiscuits.com
Website:	http://www.bakewellbiscuits.com

DIRECTORS

AS ON 27.09.2010

Name :	Mr. Hitesh Kumar Bhulabhai Modhpatel
Designation :	Director
Address :	Dadhaliya Taluka, District Sabarkantha, Modasa-383315, Gujarat, India.
Date of Appointment :	13.04.2004
Name :	Mr. Mohammedraish Gulamhusen Suthar
Designation :	Director
Address :	71, Shamme Hidayat Society, Dugarwada Road, Modasa-383315, Sabarkantha, Gujarat, India.
Date of Appointment :	13.04.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2010

Names of Shareholders	No. of Shares
Anish Gulam Husain Suthar	35000
Hitesh Kumar Bhulabhai Patel	225000
Mohammedraish Gulam Husain Suthar	348500
Usmangani Gulam Husain Suthar	16500
Total	625000

AS ON 27.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of all types of biscuits.
Products :	v Glucose Biscuits v Nice Biscuits v Malte ‘n’ Milk v Cream Biscuits v Milk and Honey Glucose Biscuits
Exports :
Products :	Biscuits
Countries :	African Countries
Terms :
Selling :	L/C Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

Importer

No. of Employees :

150 (In Office 30) (In Factory 120) (Approximately)

Bankers :

Dena Bank, Opposite Nagarpalika Office, Modasa-383315, Gujarat, India.

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Bank (Secured against hypothecation stocks and debtors )	14.402	14.262
From Banks (Term Loan) (Secured against hypothecation of machineries)	3.877	5.079
Total	18.279	19.341
Unsecured Loan
From Member and Their Relatives	4.005	0.000
Total	4.005	0.000

Banking Relations :	--
Auditors :
Name :	A G M and Company Chartered Accountant
Address :	Near Sabugar Transport, Polo Ground, Himatnagar-383001, Gujarat, India
Associates/Subsidiaries :	Alphez Exporters Address: Plot No. 35 to 38, GIDC, Ganeshpur, District Sabarkantha, Modasa-383315, Gujarat, India Line of Business: Exporter of food grains and consumable products.

CAPITAL STRUCTURE

AS ON 27.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
625000	Equity Shares	Rs.10/- each	Rs.6.250 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		6.250	6.250	6.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.028	3.028	0.000
4] (Accumulated Losses)		(0.047)	(0.355)	(4.126)
NETWORTH		9.231	8.923	2.124
LOAN FUNDS
1] Secured Loans		18.279	19.341	16.004
2] Unsecured Loans		4.005	0.000	1.002
TOTAL BORROWING		22.284	19.341	17.006
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		31.515	28.264	19.130
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.908	16.897	12.643
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.413	3.030	3.636
	Sundry Debtors	9.625	10.533	2.798
	Cash & Bank Balances	0.627	1.361	1.003
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.406	1.026	0.258
Total Current Assets		17.071	15.950	7.695
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.723	1.845
	Other Current Liabilities	2.302	2.062	0.976
	Provisions	0.479	0.716	0.498
Total Current Liabilities		3.504	4.623	1.474
Net Current Assets		13.567	11.327	6.221
MISCELLANEOUS EXPENSES		0.040	0.040	0.266
TOTAL		31.515	28.264	19.130

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	48.336	80.347	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	47.758	74.332	NA
	PROFIT BEFORE TAX		0.578	6.015	(0.609)
Less	TAX		0.270	2.244	0.003
	PROFIT AFTER TAX		0.308	3.771	(0.612)
	EARNINGS IN FOREIGN CURRENCY		42.540	80.348	NA
	Earnings Per Share (Rs.)		0.49	6.03	(0.98)

Expected Sales (2010-2011) : Rs.110.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.64	4.69	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(2.22)
Return on Total Assets (PBT/Total Assets}	(%)	1.65	18.31	(2.99)
Return on Investment (ROI) (PBT/Networth)		0.06	0.67	(0.29)
Debt Equity Ratio (Total Liability/Networth)		2.79	2.69	8.70
Current Ratio (Current Asset/Current Liability)		4.87	3.45	5.22

LOCAL AGENCY FURTHER INFORMATION

Review of Working:

The company has earned net profit of Rs.0.308 millions (Previous year 3.771 millions) which together with carried forwards loss of 0.355 millions has aggregated to net accumulated loss Rs.0.047 million and same has been carried to balance sheet.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90105988
Corporate identity number of the company	U15412GJ2004PTC043967
Name of the company	BAKEWELL BISCUITS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	College Road Opposite Zirawalaml show Room Modasa, Sabarkantha, Gujarat, India.
Type of charge	Book Debts Movable Property (not being pledge) Others
Particular of charge holder	Dena Bank, Opposite Nagarpalika Office, Modasa-383315, Gujarat, India.
Email	modasa@denabank.co.in
Nature of description of the instrument creating or modifying the charge	Unattested memorandum of modification of hypothecation agreement from companies dated 28.07.2010
Date of instrument Creating the charge	28.07.2010
Amount secured by the charge	Rs.49.506 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest DBBR will replace the existing PLR and bank will charge int. rate on the credit facilities @ 5.25% above DBBR per annum with monthly rest. Terms of Repayment All others Terms and conditions remain same as per Principle Agreement. Margin PCH 10% Margin TL 25% Margin
Short particulars of the property charged	I) All the tangible ,movable properties and assets of the Borrower of whatsoever nature inclu. Plant, Machi., tools and accessories ,stores, spares, relating to the plant and machinery, furniture ,articles II) office equipments, computers and things belonging to borrowers and lying at the premises at Plot no.35 to 38 GIDC ,Ganeshpur, Modasa.
Date of latest modification prior to the present modification	06.11.2007
Particulars of the present modification	The charge has been modified from Rs.24.000 millions to Rs. 49.506 millions

Fixed Assets:

v Land

v Building

v Plant and Machinery

v Computers

v Furniture and Fixture

v Vehicles

Trade References:

• Micro Seal Packaging

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.45.45
UK Pound	1	Rs.72.90
Euro	1	Rs.61.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	2
--CREDIT LINES	1~10	3
--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		27

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.