MIRA INFORM REPORT

Report Date :

05.10.2011

IDENTIFICATION DETAILS

Name :	GARDEN NAMKEENS PRIVATE LIMITED
Registered Office :	CTS No. 177, Near Khatus Millcompound N H No.8, Borivali (East), Mumbai – 400066, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.12.2000
Com. Reg. No.:	11-130002
Capital Investment / Paid-up Capital :	Rs.13.500 Millions
CIN No.: [Company Identification No.]	U15316MH2000PTC130002
TAN No.: [Tax Deduction & Collection Account No.]	MUMG07949E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Namkeen Snacks.
No. of Employees :	200 (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 280000
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.

INFORMATION PARTED BY

Name :	Mr. Prakash
Designation :	Accounts Executive
Contact No.:	91-22-28845925
Date :	05.10.2011

LOCATIONS

Registered Office / Factory :	CTS No. 177, Near Khatus Millcompound N H No.8, Borivali (East), Mumbai – 400066, Maharashtra, India
Tel. No.:	91-22-28845925
Fax No.:	91-22-28855942
E-Mail :	john.shannel@gmail.com md.sudharsan@cavinkare.com info@gardensnacks.com
Website :	http://www.gerdensnacks.com
Location :	Owned
Head Office :	Unit No. 002, Ground Floor, Raheja Plaza, 1 LBS Marg, Ghatkopar, Mumbai – 400086, Maharashtra, India

DIRECTORS

AS ON 02.09.2010

Name :

Mr. Jatin Ramesh Bheda

Designation :

Whole Time Director

Address :

7/8, Vishwas Building, Plot No. 75A, TVC Marg, Sion, Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

30.08.1974

Date of Appointment :

08.08.2003

Din No.:

00056094

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
U15100MH2003PTC141255	GARDEN HYGIENIC SNACKS PRIVATE LIMITED	Director	10-07-03	10-07-03	-	Active	NO
U15316MH2000PTC130002	GARDEN NAMKEENS PRIVATE LIMITED	Whole-time director	01-09-05	08-08-03	-	Active	NO
U15316MH2001PTC130906	GARDEN CHIPS PRIVATE LIMITED	Director	08-08-03	08-08-03	30-01-11	Active	NO
U67120MH1995PTC087053	GARDEN SECURITIES PRIVATE LIMITED	Director	24-01-05	24-01-05	-	Active	NO
U74999MH2007PTC167994	MAGNET DISTRIBUTORS (INDIA) PRIVATE LIMITED	Director	20-02-07	20-02-07	-	Active	NO
U18101MH2007PTC176405	PINNACLE APPARELS PRIVATE LIMITED	Director	03-12-07	03-12-07	-	Active	NO

Name :

Mr. Kiran M. Shah

Designation :

Whole Time Director

Address :

B-802/803, Park Side II, Kulup Wadi, Raheja Estate, Borivali (East), Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

31.08.1967

Date of Appointment :

05.05.2005

Din No.:

00056847

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
U15316MH2000PTC130002	GARDEN NAMKEENS PRIVATE LIMITED	Director	30-09-05	05-05-05	-	Active	NO
U67120MH1995PTC087053	GARDEN SECURITIES PRIVATE LIMITED	Director	09-02-08	09-02-08	-	Active	NO
U93090MH2009PTC197584	R. R. THAKKAR SECURITIES SERVICES PRIVATE LIMITED	Additional director	25-01-10	25-01-10	12-03-10	Active	NO
U45201MH2006PTC163126	VRAJ KAMAL DEVELOPERS PRIVATE LIMITED	Additional director	25-01-10	25-01-10	15-03-10	Active	NO

Name :

Mr. T.D. Mohan

Designation :

Nominee Director

Address :

No.4, 14^th Avenue, Harrington Road, Chetpet, Chennai, Tamilnadu, India

Date of Birth/Age :

25.05.1963

Date of Appointment :

20.08.2009

Din No.:

00682941

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
U74950TN1989PTC046718	PACKAGING INDIA PRIVATE LIMITED	Director	11-04-92	11-04-92	01-04-09	Active	NO
U24246TN1990PTC046613	CAVINKARE PRIVATE LIMITED	Managing director	01-06-10	01-12-06	-	Active	NO
U15134TZ2001PTC009943	MAA FRUITS INDIA PRIVATE LIMITED	Managing director	01-10-08	25-02-08	-	Amalgamated	NO
U24243PY1996PTC001202	CAVIN INDUSTRIES PRIVATE LIMITED	Nominee director	26-09-08	26-09-08	-	Amalgamated	NO
U15203TN2001PTC047295	AMUDHAM DAIRY PRODUCT PRIVATE LIMITED	Nominee director	22-04-09	22-04-09	-	Amalgamated	NO
U15316MH2000PTC130002	GARDEN NAMKEENS PRIVATE LIMITED	Nominee director	02-09-10	20-08-09	-	Active	NO

Name :

Mr. M.D. Sudharsan

Designation :

Nominee Director

Address :

T-29, Luz Golden Enclave, 180 Luz Church Road, Mylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

25.07.1965

Date of Appointment :

20.08.2009

Din No.:

02197419

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U15134TZ2001PTC009943	MAA FRUITS INDIA PRIVATE LIMITED	Director	30-09-08	25-02-08	Amalgamated	NO
U24243PY1996PTC001202	CAVIN INDUSTRIES PRIVATE LIMITED	Nominee director	26-09-08	26-09-08	Amalgamated	NO
U15203TN2001PTC047295	AMUDHAM DAIRY PRODUCT PRIVATE LIMITED	Nominee director	22-04-09	22-04-09	Amalgamated	NO
U15316MH2000PTC130002	GARDEN NAMKEENS PRIVATE LIMITED	Nominee director	02-09-10	20-08-09	Active	NO

Name :

Mr. M. Balasubramaniam

Designation :

Nominee Director

Address :

No.1-21, Chaitanya Nest, 9A, Rathna Nagar Main Road, Teynampet, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

31.12.1965

Date of Appointment :

20.08.2009

Din No.:

02752256

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 02.09.2010

Names of Shareholders	No. of Shares
Cavin Care Private Limited, India	1349900
Cavin Kare Private Limited Jointly with C.K. Ranganathan, India	100
Total	1350000

AS ON 02.09.2010

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Namkeen Snacks.
Terms :
Selling :	Cash, Credit (30 days)
Purchasing :	Cash, Credit (30 days)

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

No. of Employees :

200 (Approximately)

Bankers :

· Bank of Baroda, Chandavarkar Road, Branch, 309, Matunga East, Mumbai – 400019, Maharashtra, India

· HDFC Bank Limited, HDFC Bank 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
Cash/Credit / Overdraft
From Banks
Secured by charge on Stocks and Book debts of the company	0.000	18.654
Total	0.000	18.654

Banking Relations :	--
Auditors :
Name :	UKG and Associates Chartered Accountant
Address :	B/11, 2^nd Floor, West View, Opposite Swami Narayan Temple, L.N. Road, Dadar (East), Mumbai – 400014, Maharashtra, India
Other related Parties :	· Garden Securities Private Limited · Garden Hyginic Snacks Private Limited · Garden Chips Private Limited · Shubh Electronics Private Limited · Tao Transport
Holding Company :	CavinKare Private Limited U24246TN1990PTC046613

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1350000	Equity Shares	Rs.10/- each	Rs.13.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1350000	Equity Shares	Rs.10/- each	Rs.13.500 Millions

Note : Of the above equity shares 1350000 shares are held by Cavin Kare Private Limited, the Holding Company

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		13.500	13.500	13.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		55.322	40.432	23.942
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		68.822	53.932	37.442
LOAN FUNDS
1] Secured Loans		0.000	18.654	12.565
2] Unsecured Loans		0.000	0.000	30.855
TOTAL BORROWING		0.000	18.654	43.420
DEFERRED TAX LIABILITIES		3.465	3.477	3.262
TOTAL		72.287	76.063	84.124
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.580	40.243	36.782
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.577	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.778	30.653	30.913
	Sundry Debtors	8.849	11.546	25.548
	Cash & Bank Balances	0.508	1.613	3.033
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.849	10.994	12.146
Total Current Assets		51.984	54.806	71.640
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.142	16.311	21.156
	Other Current Liabilities	1.287	1.237	1.683
	Provisions	2.425	1.442	1.465
Total Current Liabilities		27.854	18.990	24.304
Net Current Assets		24.130	35.816	47.336
MISCELLANEOUS EXPENSES		0.000	0.004	0.006
TOTAL		72.287	76.063	84.124

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	443.585	448.064	392.498 (Revenue of Operation)
		Other Income			NA
		TOTAL	443.585	448.064	NA
Less	EXPENSES
		Office Expenses	421.242	423.166
		Administrative Expenses			NA
		Advertising Expenses
		TOTAL	421.242	423.166	NA
	PROFIT BEFORE TAX		22.343	24.898	12.991
Less	TAX		7.454	8.408	4.436
	PROFIT AFTER TAX		14.889	16.490	8.555
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		39.432	22.942	14.387
	BALANCE CARRIED TO THE B/S		54.321	39.432	22.942
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	15.212	25.242	10.388
	TOTAL EARNINGS		15.212	25.242	10.388
	Earnings Per Share (Rs.)		11.12	12.21	6.33

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.35	3.68	NA
Net Profit Margin (PBT/Sales)	(%)	5.03	5.55	2.17
Return on Total Assets (PBT/Total Assets}	(%)	24.13	26.19	11.29
Return on Investment (ROI) (PBT/Networth)		0.32	0.46	0.34
Debt Equity Ratio (Total Liability/Networth)		0.40	0.69	1.80
Current Ratio (Current Asset/Current Liability)		1.86	2.88	2.94

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. In Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors due to Micro, Small and Medium Enterprises	0.000	0.000	0.000
Sundry Creditors due to Others	24.142	16.311	21.156

CHANGE IN MANAGEMENT/ SHAREHOLDING PATTERN

The Board of Directors in terms of a resolution passed at the General Meeting of the Company held on 20th August 2009 and in accordance with the Share Purchase Agreement dated 20th August 2009 entered into between the Company, the erstwhile Shareholders of the Company then, holding 100% of the fully paid up Equity Share Capital of the Company and M/s. CavinKare Private Limited, having its registered office at No.12, Cenotaph Road, Teynampet, Chennai -600 018 (“Cavinkare”) have given their approval and consent for divesting/transferring the entire Equity Capital of the Company comprising of 13,50,000 fully paid up Equity Shares of Rs.10/- each held by its Members unto and in favour of Cavinkare. Accordingly, the Company has become a wholly owned subsidiary of Cavinkare w.e.f. 20th August 2009.

Check List by Info Agents	Available in Reports (Yes/No)
Year of Establishment	YES
Locality Of The Firm	YES
Constitution of the firm	YES
Premises Details	YES
Type of Business	YES
Line of Business	YES
Promotor’s background	--
No. of Employees	YES
Name of person contacted	YES
Designed of contact person	YES
Turnover of firm for last three years	YES
Profitability for last three years	NO
Reasons for variation <> 20%	--
Estimation for coming financial year	NO
Capital of the business	NO
Details of Sister Concern	NO
Major Suppliers	NO
Major Customers	NO
Payments Terms	YES
Export / Import details (if applicable)	--
Market information	--
Litigation that the firm / promoter involved in	--
Banking details	YES
Banking facility details	NO
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	NO
Incorporation details, if applicable	--
Last accounts filed at ROC	--
Major Shareholders, if available	--

FORM : 8

Corporate identity number of the company	U15316MH2000PTC130002
Name of the company	GARDEN NAMKEENS PRIVATE LIMITED
Address of the registered office or of the principal place of business in india of the company	CTS No: 177 Near Khatau Mill, Compound N. H. No : 8, Borivali (East), Mumbai – 400066, Maharashtra, India
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 Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Nature of instrument creating charge	Letter of Hypothecation of Stocks and Book Debts
Date of instrument Creating the charge	11/09/2009
Amount secured by the charge	Rs. 40.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As stipulated by the bank from time to time. Terms of repayment As stipulated by the bank from time to time. Margin Inventory- 25% on all components of inventory Book Debts- 25% Extent and operation of the charge Exclusive First Charge on the Stocks and Book Debts of the company both present and future. Other Nil
Short particulars of the property charged (Including location of the property)	Exclusive First Charge on the Stocks and Book Debts of the company both present and future.

FIXED ASSETS :

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

· Computers

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. 49.22
UK Pound	1	Rs. 76.06
Euro	1	Rs. 65.06

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	NO
--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		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.