MIRA INFORM REPORT

Report Date :

25.11.2011

IDENTIFICATION DETAILS

Name :	MIRHA EXPORTS PRIVATE LIMITED
Registered Office :	6071, Nawab Road, Basti Harphool Singh, Sadar Bazar, New Delhi-110 006
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	11.09.1997
Com. Reg. No.:	55-89573
Capital Investment/ Paid-up Capital:	Rs.11.850 millions
CIN No.: [Company Identification No.]	U63022DL1997PTC089573
TAN No.: [Tax Deduction & Collection Account No.]	DELM08606D
PAN No.: [Permanent Account No.]	AAACM8612P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Fresh Frozen Buffalo Meat, Red Meat, Sheep Meat, and Mutton.
No. of Employees:	400 (approximately)

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 440000
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 – 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. Vipen
Designation :	Chartered Accountant
Contact No.:	91-9811327900
Date :	17.11.2011

LOCATIONS

Registered Office/Corporate Office :	6071, Nawab Road, Basti Harphool Singh, Sadar Bazar, New Delhi-110006, India
Tel. No.:	91-11-23524295/ 23524029/ 2367758/ 65185534 / 23674758
Mobile No. :	91-9811327900 (Mr. Vipen)
Fax No.:	91-11-23634938
E-Mail :	gaiser1@sify.com, shuab@mirhaexports.com, infio@rmgcs.com, vipan_kundra@rediffmail.com
Website :	http://www.mirhaexports.com
Area :	Owned
Factory:	13-36-37, Site-4, Industrial Area, Sahibabad Industrial Area, Gaziabad-201010, Uttar Pradesh, India
Tel. No.:	91-11-65785534
Area :	Owned
Administrative Office:	30, Bazar Lane, Bengali Market, New Delhi-110001, India
Tel. No.:	91-11-23524029/65185534/23353271/72/73
Fax No.:	91-11-23634938

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Shuab Ahmed Qureshi

Designation :

Director

Address :

6066, Nawab Road, Basti Harphool Singh, Sadar Bazar, Delhi-110006, India

Date of Birth/Age :

10.08.1968

Qualification:

Graduate

Date of Appointment :

11.09.1997

DIN No. :

00428845

Other Directorship :

S.No.	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
1	U63022DL1997PTC089573	Mirha Exports Private Limited	Director	11/9/1997	11/9/1997	-	Active	NO
2	U15116DL2010PTC200348	Sna Exports Private Limited	Director	17/03/2010	17/03/2010	-	Active	NO

Name :

Mr. Qaiser Hussain Qureshi

Designation :

Director

Address :

6062, Nawab Road, Basti Harphool Singh, Sadar Bazar, Delhi-110006, India

Date of Birth/Age :

20.03.1966

Date of Appointment :

02.06.2003

DIN No. :

00428732

Other Directorship :

S.No.	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
1	U63022DL1997PTC089573	Mirha Exports Private Limited	Director	2/6/2003	2/6/2003	-	Active	NO
2	U51909DL2010PTC204184	Mikail Exports Private Limited	Director	16/06/2010	16/06/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vipen
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Shuab Ahmed Qureshi	123490
Qaiser Hussain	288500
Zareen Qureshi	62500
Arshia Shuab Ahmed Qureshi	707010
Kahkashan Qureshi	3500
Total	1185000

Equity Share Breakup

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of Fresh Frozen Buffalo Meat, Red Meat, Sheep Meat, and Mutton.
Products :	· Livestock Raw Meat · Fresh Meat · Frozen Meat · Sheep Meat · Buffalo Meat
Brand Names :	· "AMBER" · "AL-NISAR"
Exports :
Products :	· Fresh and frozen Buffalo Meat · Red Meat · Sheep Meat and Mutton
Countries :	· African Countries · China · UAE
Terms :
Selling :	Cash
Purchasing :	Cash

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
Buffalo Meat Processing	M. Tons	24000	15628.989 (at own Plant) 1771.418 (at others Plant)

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

400 (approximately)

Bankers :

· Bank of Baroda, International Business Branch, Parliament Street, New Delhi-110001, Delhi, India

· HDFC Bank Limited

· ICICI Bank Limited

Facilities :

(Rs. in millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
FBP Limit From BOB – IBB	79.969	0.000
HDFC Bank Limited, - Honda City Car	--	0.062
HDFC Bank Limited – Alto Car	0.144	0.209
HDFC Bank Limited – Logan	0.156	0.295
PCL with BOB – IBB	77.520	0.000
Term Loan from Bank of Baroda	15.564	0.000
Term Loan from Bank of Baroda for Punjab Project	109.352
Term Loan form Bank of Baroda Generator Loan	--	0.584
Bank of Baroda – IBB – Honda Accord Car	0.395	1.099
Bank of Baroda – IBB – Honda Accord Car	--	0.719
Bank of Baroda – IBB – OD	--	46.255
Total	283.100	49.223

Notes:

1. FBP/PCL limit of Rs.150.000 Millions had been renewed by Bank of Baroda, lBB, Parliament Street, New Delhi, against primary security of Stock in Trade, personal guarantee of all the directors and third party guarantee and charge on all the assets of the Company The said facilities are also secured against collateral security of Land and Building of the Company situated at 8-36, Site lV, Sahibabad lndustrial Area, Uttar Pradesh. and Land situated at Dasna, Uttar Pradesh.

2. Term Loan of Rs.22.600 Millions had been sanctioned by Bank of Baroda, lBB, Parliament Street, New Delhi, for purchase of new Property against personal guarantee of all the directors and third party guarantee and charge on alt the assets of the Go. The said term loan is also secured against collateral security of the property situated at Bengali Market, New Delhi.

3. Term Loan of Rs.200.000 Millions had been sanctioned from Bank of Baroda, lBB, Parliament Street, New Delhi, for setting up a New lntegrated Meat Processing Plant at Derabassi. The said loan is secured against personal guarantee of all the directors and third party guarantee and charge on all the assets of the Company The said facilities are also secured against collateral security of Land and Building of the Company situated at 8-36, Site lV , Sahibabad lndl. Area, Uttar Pradesh and Land situated at Dasna, U.P. and further all the assets of the Company including Land, Building, Plant and Machinery of the Punjab Project.

(Rs. in millions)

Unsecured Loans	As on 31.03.2010	As on 31.03.2009
Arshia	0.091	0.082
Qaiser Hussain	0.068	0.068
Shuab ahmed	0.000	0.000
Tauras Food	1.600	1.600
A K Securities Private Limited	3.000	0.000
CSSB Securities	3.000	0.000
SBBP Financial Services Private Limited	2.200	0.000
SDRM Infotech Private Limited	0.800	0.000
VMVS Textiles Private Limited	1.000	0.000
Total	11.759	1.750

Banking Relations :	--
Auditors :
Name :	Duggal Kundra and Associates Chartered Accountants
Address :	301, Neel Kanth Plaza, Road No.44, Pitampura, New Delhi-110034, Delhi, India
Tel. No.:	91-11-27027974
E-Mail :	Vipan_kundra@rediffmail.com
Income-tax PAN of auditor or auditor’s firm :	AHHPK4426G

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1185000	Equity Share	Rs.10/- each	Rs.11.850 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		11.850	11.850	11.850
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		100.387	70.465	48.683
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		112.237	82.315	60.533
LOAN FUNDS
1] Secured Loans		283.100	49.223	142.788
2] Unsecured Loans		11.759	1.750	1.933
TOTAL BORROWING		294.859	50.973	144.721
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		407.096	133.288	205.254
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		273.275	86.903	77.283
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	116.893	43.642	89.586
	Sundry Debtors	223.353	158.037	202.945
	Cash & Bank Balances	45.765	31.197	26.573
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	58.171	106.987	15.160
Total Current Assets		444.182	339.863	334.264
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	294.947	272.915	14.655
	Other Current Liabilities			184.532
	Provisions	20.265	21.615	7.718
Total Current Liabilities		315.212	294.530	206.905
Net Current Assets		128.970	45.333	127.359
MISCELLANEOUS EXPENSES		0.000	0.002	0.037
OTHERS		4.351	1.050	0.575
TOTAL		407.096	133.288	205.254

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1832.762	2053.404	1905.363
		Other Income	156.762	92.325	13.731
		TOTAL (A)	1989.524	2145.729	1919.094
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1935.580	2097.647	1891.081
		Advertising Expenses
		TOTAL (B)	1935.580	2097.647	1891.081
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		53.944	48.082	28.013
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.525	7.985	7.569
	PROFIT BEFORE TAX (E-F) (G)		46.418	40.097	20.444
Less	TAX (H)		16.131	14.806	7.718
	PROFIT AFTER TAX (G-H) (I)		30.287	25.291	12.726
	BALANCE CARRIED TO THE B/S		100.387	70.465	48.683
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1776.959	2006.268	1861.893
	Earnings Per Share (Rs.)		NA	33.84	17.25

Expected Sales (2010-2011) : Rs.4000.000 millions

The above information has been parted by Mr. Vipen

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.52	1.18	0.66
Net Profit Margin (PBT/Sales)	(%)	2.53	1.95	1.07
Return on Total Assets (PBT/Total Assets}	(%)	6.47	9.40	4.97
Return on Investment (ROI) (PBT/Networth)		0.41	0.49	0.34
Debt Equity Ratio (Total Liability/Networth)		5.44	4.20	5.81
Current Ratio (Current Asset/Current Liability)		1.41	1.15	1.61

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in reports
1) Year of Establishment	Yes
2) Locality of the Firm	Yes
3) Constitution 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 of last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variations <> 20%	---------
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of Sister concern	---------
17) Major Suppliers	No
18) Major Customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market Information	---------
22) Litigation that the firm / promoter involved	---------
23) Banking Details	Yes
24) Banking facility Details	Yes
25) Conduct of the banking account	---------
26) Buyer visit details	---------
27) Financials, if provided	No
28) Incorporation details, if applicable	----------
29) Last account field at ROC	----------
30) Major Shareholders, if available	----------

OPERATION:

The Directors inform you that the company's achieved total turnover of Rs.1832.762 Millions as compared to last year's turnover of Rs.2053.404 Millions with an overall decrease of Rs. 220.642 Millions. However, the Company draws comfort and minimizes the downfall in sales by the increase in its other Income of Rs.156.762 Millions as against the previous year figure of Rs.92.335 Millions which increased by Rs.64.427 Millions. As a result, the net profits before depreciation of the company have also increased from Rs.48.082 Millions to Rs.53.944 Millions. such downfall in sales was also due to instability in foreign market as a result of global recession but the demand of frozen boneless buffalo meat is again increasing day by day with the opening of new foreign markets. The Directors’' are expecting more business ln the current financial year with a New Integrated Meat Processing Plant being set up at Derabassi, Punjab which will allow the company to do business in new foreign markets which have a pre-requisite condition for the same.

FORM 8:

Corporate identity number of the company	U63022DL1997PTC089573
Name of the company	MIRHA EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	6071, Nawab Road, Basti Harphool Singh, Sadar Bazar, New Delhi-110006, India E-Mail Id: infio@rmgcs.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	Bank of Baroda, International Business Branch, Parliament Street, New Delhi-110001, Delhi, India E0Mail Id: ca_rcg@yahoo.co.in
Nature of instrument creating charge	Composite Hypothecation Agreement dated 30.06.2011
Date of instrument Creating the charge	30.06.2011
Amount secured by the charge	Rs.35.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Upto 90 days: Base Rate plus 1% p.a. with monthly rests and overdue interest @ 7% p.a. above Base Rate with monthly rests. Terms of Repayment Payable on demand Margin 25% against PC and 10% for FBP/FBD limit. Extent and Operation of the charge 100% Others To secure all amounts payable under Adhoc Packing/FBP/FBD limit of Rs. 35.000 millions granted to the Company for a period of 3 months together with all interests, costs, charges, expenses etc.
Short Particulars of the property charged	I) Hypothecation of the following by way of first charge: i)The whole of the Borrower's current assets - both present and future and including but without prejudice to the generality of the foregoing words, II) all stocks of raw-materials, work-in-process, goods-in-transit, semi-finished goods and finished goods, packing materials and stores etc. whatsoever and wheresoever situated and/or in transit whether III) now belonging to or that may at any time during the continuance of this security belong to the Borrower or that may be held by any party anywhere to the order and disposition of the Borrower. IV) ii)First charge on all the present and future on book-debts, outstandings, monies receivables, claims, bills, contracts, engagements and securities which are now due and owing or which may at any time V) hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, firm, company or body corporate or by the Government of India or any VI) State Govt. or Indian Railways or and Government Department or office or any municipal or local or public or semi government body or authority whatsoever including those relating to the assets leased out and/or VII) given on hire purchased basis. iii)All tangible moveable machinery and plant and cranes, boats and craft and the vehicles of the Borrower together with spares, tools and accessories and Other moveables VIII) - both present and future and the furniture, fixtures and fittings and office equipment whether installed or not and whether lying loose or in case which are now lying or stored in or about or shall be IX) brought into or be stored or be in or upon or about the borrower's premises and godowns or wherever else the same may be or be held by any party to the order and disposition of the Borrower (including X) those on lease or hire purchase) relating or pertaining to the Borrowers work at 6071, Nawab Rd, Basti Harphool Singh, Sadar Bazar, Delhi including land and building of the Company

FIXED ASSETS:

• Air Curtains / Cooler/Fan/AC
• Barrels
• Building (Dasna)
• Car
• Computer
• Cooling Tower
• Cycle
• Electric Fittings
• Equipments
• Factory Building
• Factory Land Fax Machine
• Fire Extinguisher
• Furniture and Fixture
• Generator
• Inverter
• Lab Equipments
• Land (Dasna )
• Land (Punjab)
• Mobile Phone / EPABX
• Motor Cycle
• Photostate Machine
• Plant and Machinery
• Refrigerator
• Rendering Plant
• Rendering Plant Shed
• Scanner
• Scooter
• Strapping Machine
• Tempo – 709
• T. V. / CC Camera
• Trip Washing Machine
• Typewriter
• Water Dispenser
• Weighing Scale

TRADE REFERENCE:

· M K Overseas Private Limited

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.52.25
UK Pound	1	Rs.81.22
Euro	1	Rs.69.82

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	YES
--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.