MIRA INFORM REPORT

Report Date :

23.11.2011

IDENTIFICATION DETAILS

Name :	VENDING UPDATES (INDIA) PRIVATE LIMITED
Registered Office :	322, NEB Sarai, New Delhi - 110068
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.09.1996
Com. Reg. No.:	55-081866
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U2825DL1996PTC081866
IEC No.:	0597032866
PAN No.: [Permanent Account No.]	AAACV9306R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Trader and Dealer of Amazon Instant Tea and Coffee premixes for vending machines, Atlantis hot beverage vending machines.
No. of Employees :	70 (Approximately) [In Office – 20 and In Factory – 50]

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 26000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. 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 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Sanjay Chopra
Designation :	Business Development
Contact No.:	91-9999991912
Date :	21.11.2011

LOCATIONS

Registered Office/ Factory 1 :	322, NEB Sarai, New Delhi – 110068, India
Tel. No.:	Not Available
Mobile No.:	91-9999991912 (Mr. Sanjay Chopra)
Fax No.:	Not Available
E-Mail :	info@vendingupdates.com sahulk@gmail.com
Website :	www.vendingupdates.com
Location :	Rented
Factory 2 :	B-23, Sector-88, Phase-II, Noida – 201305, Uttar Pradesh, India
Tel. No.:	91-120-6483902/6483903/6483907
Location :	Rented

DIRECTORS

As on 30.09.2011

Name :

Mr. Sahul Khurana

Designation :

Director

Address :

325, Sector – 15 A, Noida , Gautam Budh Nagar – 201301, Uttar Pradesh, India

Date of Appointment :

10.04.2005

DIN No.:

01040417

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74899DL1985PTC019955	A K System Engineers Private Limited	Director	16/07/1992	16/07/1992	-	Active	NO
U28252DL1996PTC081866	Vending Updates (India) Private Limited	Director	1/04/2005	1/04/2005	-	Active	NO

Name :

Ms. Shobha Khurana

Designation :

Director

Address :

325, Sector – 15 A, Noida , Gautam Budh Nagar – 201301, Uttar Pradesh, India

Date of Appointment :

18.11.2005

DIN No.:

01972488

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74899DL1985PTC019955	A K System Engineers Private Limited	Director	29/01/1985	29/01/1985	-	Active	NO
U28252DL1996PTC081866	Vending Updates (India) Private Limited	Director	18/11/2005	18/11/2005	-	Active	NO

EXECUTIVES

Name :	Mr. Sanjay Chopra
Designation :	Business Development

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sahul Khurana	457900
Shobha Khurana	42100
Total	500000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter, Trader and Dealer of Amazon Instant Tea and Coffee premixes for vending machines, Atlantis hot beverage vending machines.
Exports :
Products :	· Tea and Coffee Premixes · Hot Beverage vending Machine
Countries :	Dubai
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

· Wholesalers

· End Users

· OEM’s

No. of Employees :

70 (Approximately) [In Office – 20 and In Factory – 50]

Bankers :

· Bank of India, New Delhi, India

· HDFC Bank

· ABN Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash Credit From Bank of India against Debtors and Stock of the company	13.375	14.073
Term Loan from Bank of India against Plant and Machinery of the Company	3.917	5.871
Bank of India (Packing Credit Limit)	5.000	3.809
Total	22.292	23.753
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	1.287	1.529
Bajaj Auto Finance Limited	0.651	1.387
ABN Amro Bank	0.539	0.765
Others	0.000	3.486
Total	2.477	7.167

Banking Relations :	--
Auditors :
Name :	Sunill Vijay and Associates Chartered Accountants
Address :	R – 700, New Rajinder Nagar, New Delhi – 110060, India
Tel. No.:	91-11-28743579
Fax No.:	91-11-28743577
E-Mail :	sunilvijay22@rediffmail.com
PAN.:	AAIFS6442A

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.613	0.171	0.000
4] (Accumulated Losses)		0.000	0.000	(0.521)
NETWORTH		6.613	5.171	4.479
LOAN FUNDS
1] Secured Loans		22.292	23.753	17.463
2] Unsecured Loans		2.477	7.167	11.057
TOTAL BORROWING		24.769	30.920	28.520
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		31.382	36.091	32.999
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.649	10.910	6.488
Capital work-in-progress		0.000	0.000	1.926
INVESTMENT		0.100	0.100	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.443	14.353	14.279
	Sundry Debtors	26.008	17.239	11.765
	Cash & Bank Balances	0.050	0.856	0.061
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.458	2.140	5.284
Total Current Assets		34.959	34.588	31.389
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.728	6.543	5.091
	Other Current Liabilities	3.835	2.654	1.329
	Provisions	0.763	0.310	0.384
Total Current Liabilities		14.326	9.507	6.804
Net Current Assets		20.633	25.081	24.585
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		31.382	36.091	32.999

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Services	156.980	92.541	44.391
		Other Income	0.248	0.332
		Duty Draw Back	0.421	0.096
		TOTAL	157.649	92.969	44.391
Less	EXPENSES
		Cost of Sales and Services	133.094	78.814
		Salaries	4.004	2.828
		Conveyance	1.674	0.761
		Interest and Bank Charges	3.382	3.082
		PF Contribution	0.119	0.042
		Printing and Stationery	0.224	0.129
		Rent	0.557	0.520
		Sampling Sale Expenses	0.381	0.000
		Interest on Income Tax	0.037	0.005
		Business Promotion	0.272	0.081
		Production Expenses	0.550	0.110
		Office Expenses	0.435	0.239
		Miscellaneous Expenses	0.109	0.059
		Postage and Telegram	0.201	0.045
		Other Expenditure	8.786	3.596
		TOTAL	153.825	90.311
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.824	2.658	43.696
Less/ Add	DEPRECIATION/ AMORTISATION		1.619	1.656
	PROFIT BEFORE TAX		2.205	1.002	0.695
Less	TAX		0.763	0.310	0.229
	PROFIT AFTER TAX		1.442	0.692	0.466
	Earnings Per Share (Rs.)		2.88	1.38	0.93

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.90	0.744	1.05
Net Profit Margin (PBT/Sales)	(%)	1.40	1.08	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.83	2.20	1.83
Return on Investment (ROI) (PBT/Networth)		0.33	0.19	0.155
Debt Equity Ratio (Total Liability/Networth)		5.91	7.82	7.88
Current Ratio (Current Asset/Current Liability)		2.44	3.64	4.61

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FORM 8

Corporate identity number of the company	U2825DL1996PTC081866
Name of the company	VENDING UPDATES (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	322, NEB Sarai, New Delhi – 110068, India Email Id : sahulk@gmail.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	HDFC Bank, House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Email Id : RBBform8@hdfcbank.com
Nature of instrument creating charge	Letter of Hypothecation
Date of instrument Creating the charge	21.04.2011
Amount secured by the charge	Rs.28.800 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 Working Capital facility shall be payable on demand Term loan facility shall be repayable in suitable installments Margin Company shall at all times during the continuance of this security maintain the said debts of a sufficient amount to provide the margin of security as may from time to time advised by the Bank Extent and operation of the charge Hypothecation by way of First Charge on Company's Stocks, Book Debts, Plant and Machinery, Vehicles and other Fixed Assets, etc., to secure as a continuing security for the repayment of Rs.28.800 Millions, together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank Others Nil
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights The movable plant and machinery, vehicles and other fixed assets which may now or at any time hereafter belong to the Borrower or come to the Borrower's disposal

FIXED ASSETS

· Building

· Building for Machines

· Computer

· Furniture and Fixtures

· Fan

· Air Conditioner

· Office Equipment

· Plant and Machinery

· Vehicle

· Tempo

· UPS and Batteries

· Weight Scale

· Fire alarm System

· Fire Fighting Cylend

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.52.70
UK Pound	1	Rs.82.44
Euro	1	Rs.71.08

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.