MIRA INFORM REPORT

Report Date :

13.07.2011

IDENTIFICATION DETAILS

Name :	GAJUMAL MULCHAND FRUITS PRIVATE LIMITED
Registered Office :	24, New Fruit Market Naroda Road, Ahmadabad - 380025, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.03.1997
Com. Reg. No.:	04-031978
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U15499GJ1997PTC031978
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of Fruits Commission Agent

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 50000
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

LOCATIONS

Registered Office :	24, New Fruit Market Naroda Road, Ahmadabad - 380025, Gujarat, India
Tel. No.:	91-79-22204120
E-Mail :	gm_fruits@yahoo.com

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Wadhwa Ramchand
Designation :	Director
Address :	9/A, Shrinagar Society, B/H. Telecom Colony, Bhairavnath Road, Maninagar, Ahmadabad - 380 022, Gujarat, India
Date of Birth/Age :	06.11.1961
Date of Appointment :	26.03.1997
Name :	Mr. Vadhwa Dhiraj
Designation :	Director
Address :	9/A, Shrinagar Society, B/H. Telecom Colony, Bhairavnath Road, Maninagar, Ahmadabad - 380 022, Gujarat, India
Date of Birth/Age :	05.02.1951
Date of Appointment :	26.03.1997
Name :	Mr. Vadhwa Vishal
Designation :	Director
Address :	9/A, Shrinagar Society, B/H. Telecom Colony, Bhairavnath Road, Maninagar, Ahmadabad - 380 022, Gujarat, India
Date of Birth/Age :	24.12.1984
Date of Appointment :	05.03.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Lakhmichand Gajumal Vadhwa	2760
Barkha Chandwani	100
Ramchand Gajumal HUF	1310
Hemandas Alkhdinomal	100
Dhiraj Ramchand HUF	1100
Kanaiyala Gajumal HUF	1300
Gajumal Mulchand HUF	81000
Lakhmichand Gajumal HUF	1600
Gajumal Family Trust	100010
Mohiniben Lakhmichand	1100
Ashmi Dhiraj Vadhwa	15000
Sunita Kanaiyalal Vadhwa	21100
Aartiben Ramchand Vadhwa	21100
Ramchand D. Chandwani	10
Ramchand Gajumal Vadhwa	1000
Kaniyalal Gajumal Vadhwa	1000
Kishanchand Devendas	10

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	99.80
Other top fifty shareholders	0.20
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of Fruits Commission Agent.

GENERAL INFORMATION

Bankers :

· State Bank of India

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
State Bank of India (Secured against hypo. of stock, book debts, other current receivable and personal guarantee of directors of the company)	0.000	20.072
State Bank of India (Overdraft) (Secured against LIC Policy deposit of directors and relative of Directors)	0.000	7.904
HDFC Bank Limited (Secured against hypo. of stock, book debts, other current receivable and personal guarantee of directors of the director of the company and further secured by way of equitable mortgage of personal properties of directors and relatives of directors)	89.581	0.000
Total	89.581	27.976
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors	14.091	6.579
From Shareholders and Relatives of Directors	70.083	94.436
Total	84.175	101.015

Banking Relations :	--
Auditors :
Name :	Promod Dad and Associates Chartered Accountant
Address :	110-112, Ashwamegh Avenue, Near Mithakali Underbridge, Ahmadabad – 380009, Gujarat, India
Tel. No.:	91-79-22137934

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9.861	6.935	4.923
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.361	9.435	7.423
LOAN FUNDS
1] Secured Loans		89.581	27.976	36.938
2] Unsecured Loans		84.175	101.015	57.344
TOTAL BORROWING		173.756	128.991	94.282
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		186.117	138.426	101.705
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.360	1.252	1.492
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.005	0.006	0.005
DEFERREX TAX ASSETS		0.166	0.162	0.168
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	116.813	86.921	45.498
	Cash & Bank Balances	6.714	8.951	3.164
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	78.463	63.367	63.165
Total Current Assets		201.990	159.239	111.827
Less : CURRENT LIABILITIES & PROVISIONS
	Other Current Liabilities	16.927	21.178	11.808
	Provisions	1.477	1.065	0.000
Total Current Liabilities		18.404	22.243	11.808
Net Current Assets		183.586	136.996	100.019
MISCELLANEOUS EXPENSES		0.000	0.010	0.021
TOTAL		186.117	138.426	101.705

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income from Operations	30.552	21.780	21.166
		Other Income	0.099	6.692	0.022
		TOTAL (A)	30.651	28.472	21.188
Less	EXPENSES
		Direct Expenses	1.879	1.591	1.630
		Employment Costs	3.286	2.715	2.686
		Administrative and General Expenses	2.583	2.089	2.720
		Business Loss / Bad Debts	0.000	6.144	0.000
		Director’s Remuneration	1.417	1.279	1.102
		Preliminary Expenses W/Off	0.010	0.011	0.010
		TOTAL	9.175	13.829	8.148
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.476	14.643	13.040
Less	FINANCIAL EXPENSES (D)		16.499	11.264	9.857
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.977	3.379	3.183
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.515	0.412	0.425
	PROFIT BEFORE TAX (E-F) (G)		4.462	2.967	2.758
Less	TAX (I)		1.537	0.955	0.864
	PROFIT AFTER TAX (G-I) (J)		2.925	2.012	1.894
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.393	0.381	0.487
Less	APPROPRIATIONS
		Transfer to General Reserve	(2.000)	(2.000)	(2.000)
	BALANCE CARRIED TO THE B/S		1.381	0.393	0.381
	Earnings Per Share (Rs.)		11.70	8.04	7.57

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	9.54	7.06	8.93
Net Profit Margin (PBT/Sales)	(%)	14.60	13.62	13.03
Return on Total Assets (PBT/Total Assets}	(%)	2.18	1.84	2.43
Return on Investment (ROI) (PBT/Networth)		0.36	0.31	0.37
Debt Equity Ratio (Total Liability/Networth)		15.54	16.02	14.29
Current Ratio (Current Asset/Current Liability)		10.97	7.15	9.47

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS :

The company is engaged in the business of Fruits Commission Agent. The company received gross Commission income of Rs. 30.553 millions and other Income of Rs. 0.101 millions during the year. The company generated cash profit of Rs. 4.978 millions before tax during the year and the profit after tax is Rs. 2.925 millions.

FORM 8

Corporate identity number of the company	U15499GJ1997PTC031978
Name of the company	GAJUMAL MULCHAND FRUITS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	24 New Fruit Marketnaroda Road, Ahmadabad, Gujarat, INDIA
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	HDFC BANK LIMITED, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Nature of instrument creating charge	Memorandum Recording Past Transactions of Creation of Mortgage by Deposit of Title Deeds.
Date of instrument Creating the charge	30/06/2010
Amount secured by the charge	Rs. 180.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate as may be communicated by the Bank from time to time. Terms of repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and operation of the charge The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No.15 as security for the due repayment of Rs.180.000 millions by the Company, including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc. Other Nil
Short particulars of the property charged (Including location of the property)	Shop No.24, admeasuring 87.22 sq. mtrs in the Anant Co. Op. Industrial Estate Limited, on the land bearing Final Plot No.48/P, 50, 52 Shop No.34, admeasuring 87.22 sq. mtrs in the Anant Co. Op. Industrial Estate Limited, on the land bearing Final Plot No.48/P, 50, 52 Shop No.86, admeasuring 87.22 sq. mtrs in the Anant Co. Op. Industrial Estate Limited, on the land bearing Final Plot No.48/P, 50, 52 and 65 all paiki Shop No.87, admeasuring 96.99 sq. mtrs. in the Anant Co. Op. Industrial Estate Limited, on the land bearing Final Plot No.48/P, 50, 52 and 65 all paik Plot No. A/9 (paiki) admesuring 286 sq. yard, together with superstructure being Basement, Ground Floor, Second Floor Cabin, Scheme known as "G.M Complex"

FIXED ASSETS :

· Vehicles

· Electrical Equipments

· Computer

· Furniture and Fixtures

· Office Equipments

· Telecom Equipments

· Air Conditioners

· Generators

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. 44.68
UK Pound	1	Rs. 70.87
Euro	1	Rs. 62.25

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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		45

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.