MIRA INFORM REPORT

Report Date :

04.03.2011

Note : The correct name of the company is PURISONS AGROTECH AND FOOD AGENCIES DIVISION OF BULAKI ELECTRONICS PRIVATE LIMITED

IDENTIFICATION DETAILS

Name :	BULAKI ELECTRONICS PRIVATE LIMITED PURISONS AGROTECH AND FOOD AGENCIES DIVISION OF BULAKI ELECTRONICS PRIVATE LIMITED
Registered Office :	AG-33, Shalimar Bagh, New Delhi-110052, Delhi.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.01.1990
Com. Reg. No.:	11-042787
CIN No.: [Company Identification No.]	U74899DL1990PTC042787
SERVICE TAX No.:	AAACB3992K ST001
PAN No.: [Permanent Account No.]	AAACB3992K
Legal Form :	Private Limited Liability Company.
Line of Business :	Service Provider of Cold Storage, Transportation (C and F) etc. and Distributor of Frozen Food Products.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 38000
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. V P Gupta
Designation :	Commercial Manager
Contact No.:	91-9212076615
Date :	04.03.2011

LOCATIONS

Registered Office :	AG-33, Shalimar Bagh, New Dlhi-110052, Delhi, India
Tel. No.:	91-11-27109352 / 27181477
Mobile No.:	91-9212076615 (Mr. V P Gupta)
E-Mail :	vikas@bulakigroup.com
Website :	www.bulakigroup.com
Location :	Owned
Branches :	259, Agarwal Modern Bazar, Lawerwnce Road, Industrial Area, New Delhi-110035, Delhi, India
Correspondence Address :	Depot C-30, Lawrence Road Industrial Area, Delhi-110035, Delhi, India

DIRECTORS

As On : 30.09.2010

Name :	Mr. Dev Kishan Puri
Designation :	Director
Address :	AG-33, Shalimar Bagh, New Delhi-110052, Delhi, India
Date of Birth/Age :	13.04.1939
Date of Appointment :	21.01.1990
Name :	Mr. Vikas Puri
Designation :	Director
Address :	AG-33, Shalimar Bagh, New Delhi-110052, Delhi, India
Date of Birth/Age :	07.12.1966
Date of Appointment :	21.01.1990

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Mr. Dev Kishan Puri	200
Mr. Vikas Puri	13400
Total	13600

AS ON 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Service Provider of Cold Storage, Transportation (C and F) etc. and Distributor of Frozen Food Products.
Agencies Held :	Frozen Food
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Suppliers :

· Sakham Impex Private Limited

· Sita Ram Auto

· Soham Food Stuffs

· Transafe Services Limited

· Madhav Trader

· Venk’s India Limited, Gurgaon

· Vista Processed Foods Private Limited

· Godrej Tyson Foods Limited

· Delhi Cold Storage Private Limited

· Goodwill Foods

· Nitesh Printers

· Sanjay Tyre Point

· Raj Arora

Customers :

Wholesalers and End Users

· Express Retail Services Private Limited (P. Ganj)

· Anjalika Foods

· Anjalika Pastry Shop

· Anoop Department Store

· Aditya Birla Retail Limited (Guru Harikishan)

· Aditya Birla Retail Limited (Hari Nager)

· Aditya Birla Retail Limited (Kalaji)

· Aditya Birla Retail Limited (Krishna Nagar)

· Aditya Birla Retail Limited (Vikas Prui)

· Aggarwal Bhawan (Amul)

· Ambaisy Store (Amul)

· American EMB School

No. of Employees :

25 (Approximately)

Bankers :

· Union Bank of India, LU Block, Pitampura, New Delhi-110034, Delhi, India

· IDBI Bank, Pitampura, New Delhi-110034, Delhi, India

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Bank	11.142	8.258
Total	11.142	8.258
UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors Shareholders and Others	3.949	1.185
Total	3.949	1.185

Banking Relations :	--
Auditors :
Name :	Surinder Kiran and Company Chartered Accountant
Address :	204, Palco House, 2162/T-10, Main Patel Nagar, New Dlhi-110008, Delhi, India
Sister Concern :	Bulaki Deep Freeze Address : C-30, Lawrewnce Road, Industrial Area, New Delhi-110035, Delhi, India Line of Business : Service Provider of Cold Storage, Transportation (C and F) etc. and Distributor of Frozen Food Products.

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs. 100/- each	Rs. 2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13600	Equity Shares	Rs. 100/- each	Rs. 1.360 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		1.360	1.360	1.360
2] Share Application Money		2.064	2.064	0.000
3] Reserves & Surplus		6.247	4.969	3.902
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.671	8.393	5.262
LOAN FUNDS
1] Secured Loans		11.142	8.258	5.962
2] Unsecured Loans		3.949	1.185	1.581
TOTAL BORROWING		15.091	9.443	7.543
DEFERRED TAX LIABILITIES		0.634	0.357	0.327
TOTAL		25.396	18.193	13.132
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.382	7.897	4.296
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.050
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.788	2.833	3.764
	Sundry Debtors	11.177	9.394	9.879
	Cash & Bank Balances	2.402	1.280	1.954
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.082	4.199	2.188
Total Current Assets		25.449	17.706	17.785
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.876	6.871	8.096
	Other Current Liabilities	1.439	0.415	0.421
	Provisions	0.120	0.124	0.482
Total Current Liabilities		14.435	7.410	8.999
Net Current Assets		11.014	10.296	8.786
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		25.396	18.193	13.132

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
TURNOVER (Approximately)	105.000	96.500	NA
PROFIT BEFORE TAX	NA	NA	1.096
PROFIT AFTER TAX	10.962	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	4.96
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.21
Debt Equity Ratio (Total Liability/Networth)		3.12	2.05	3.21
Current Ratio (Current Asset/Current Liability)		1.76	2.39	1.98

LOCAL AGENCY FURTHER INFORMATION

Form 8

Corporate identity number of the company	U74899DL1990PTC042787
Name of the company	BULAKI ELECTRONICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	AG-33, Shalimar Bagh, New Dlhi-110052, Delhi, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Floating charge Others
Particular of charge holder	Union Bank of India, LU Block, Pitampura, New Delhi-110034, Delhi, India
Nature of instrument creating charge	Composite Hypothecation Deed
Date of instrument Creating the charge	12.05.2009
Amount secured by the charge	Rs. 18.559 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 1. On CC(H) of Rs. 7.500 millions @ BPLR+0.75% 2. On Bank Guarantee of Rs. 2.000 millions @ Usual 3. On Term Loan-I of Rs. 2.217 millions @ 10% 4. On Term Loan-II of Rs. 0.866 million @ 10% 5. On Term Loan-III of Rs. 0.970 million @10% 6. On L/C (Sight) Imp / Inland of Rs. 5.000 millions @ usual Or such other rates as may be prescribed by the bank from time to time depending upon the change in PLR of the Bank. Terms of repayment Repayable on demand with interest thereon. Margin 1. On CC(H) of Rs. 7.500 millions @ 25% 2. On Bank Guarantee of Rs. 2.000 millions @ 25% 3. On Term Loan-I of Rs. 2.217 millions @ 25% 4. On Term Loan-II of Rs. 0.866 million @ 25% 5. On Term Loan-III of Rs. 0.970 million @ 30% 6. On L/C (Sight) Imp / Inland of Rs. 5.000 millions @ 25% Extent and operation of the charge CC was secured against the hypothecation of all stocks of Protein Food Products etc. lying in borrower's premises or lying at godowns or in transit and/ or elsewhere belonging to the borrower. All present and future Book Debts/ receivables / actionable claims/Current /movable and fixed assets of the company. LG was secured against the counter indemnity and Pledge of FDR. Term Loans were secured against the hypothecation of Two Trucks. Import L/C. was secured against import Bills drawn under L/C.
Short particulars of the property charged (Including location of the property)	EM of residential property at AG-33, Shalimar Bagh, New Delhi owned by Ms. Rama Puri.
Whether any of the property or interest therein under reference is not registered in the name of the company. If yes, in whose name it is registers	Yes EM of residential property at AG-33, Shalimar Bagh, New Delhi owned by Ms. Rama Puri.
Charge identification number of the charge to be modified	10064804

Trade Reference:

· Britannia Industries Limited

Fixed Assets

· Computer

· Eicher (2049)

· Eicher (2231)

· Eicher (2247)

· Eicher (4180)

· Eicher (6854)

· Eicher (1586)

· Electric Deep Freeze

· Electric Generating Set

· Insulated Container

· Inertor

· Maruti Van (5843)

· Maruti Van (7463)

· Maruti Van (0200)

· Maruti Van (2226)

· Mobile Phone

· Eicher (4018)

· Eicher (4019)

· Office Equipments

· TATA 207 (2493)

· TATA 407 (3894)

· TATA 407 (CNG 6982)

· TATA 407 (CNG 6860)

· TATA 407 / 5910 Diesal

· TATA 207 (8590)

· Three Wheeler

· Two Wheeler

· Water Cooler

· Weight Scale

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 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.44.96
UK Pound	1	Rs.73.37
Euro	1	Rs.62.33

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.