1. Summary Information

		Country	India
Company Name	GITS FOOD PRODUCTS PRIVATE LIMITED	Principal Name 1	Mr. Mukhtar Akbarally Tejani
Status	Satisfactory	Principal Name 2	Mr. Raju Harji Gilani
		Registration #	11-079891
Street Address	Gits House, 18/3, Hadapsar Industrial Estate, Pune – 411013, Maharashtra
Established Date	27.07.1994	SIC Code	--
Telephone#	91-20-66496000	Business Style 1	Exporters
Fax #	91-20-26875993	Business Style 2	Manufacturers
Homepage	--	Product Name 1	instant food and ready to eat food
# of employees	Not Available	Product Name 2	-
Paid up capital	Rs.7,440,000/-	Product Name 3	-
Shareholders	Directors or relatives of Directors – 100%	Banking	Jammu And Kashmir Bank Limited
Public Limited Corp.	NO	Business Period	17 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba [46]
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	173,159,000	Current Liabilities	63,630,000
Inventories	43,682,000	Long-term Liabilities	114,873,000
Fixed Assets	119,166,000	Other Liabilities	69,574,000
Deferred Assets	0	Total Liabilities	248,077,000
Invest& other Assets	2,000	Retained Earnings	80,492,000
		Net Worth	87,932,000
Total Assets	336,009,000	Total Liab. & Equity	336,009,000
Total Assets (Previous Year)	270,447,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	593,451,000	Net Profit	44,747,000
Sales(Previous yr)	523,288,000	Net Profit(Prev.yr)	33,392,000

MIRA INFORM REPORT

Report Date :

14.09.2011

IDENTIFICATION DETAILS

Name :	GITS FOOD PRODUCTS PRIVATE LIMITED
Registered Office :	Gits House, 18/3, Hadapsar Industrial Estate, Pune – 411013, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.07.1994
Com. Reg. No.:	11-079891
Capital Investment / Paid-up Capital :	Rs.7.440 Millions
CIN No.: [Company Identification No.]	U15443MH1994PTC079891
TAN No.: [Tax Deduction & Collection Account No.]	MUMG04022E
Legal Form :	Private Limited Liability Company
Line of Business :	Exporters, Manufacturers and supplier of instant food and ready to eat food – snack mixes, desert mixes, papads, savories, meals, desserts, biscuits and cookies, dairy mate and pure ghee.
No. of Employees :	Not Available

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 350000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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 :	Gits House, 18/3, Hadapsar Industrial Estate, Pune – 411013, Maharashtra, India
Tel. No.:	91-20-66496000 / 26870008 / 26870009
Fax No.:	91-20-26875993
E-Mail :	gotsfood@bom3vsnl.net.in
Sales Office :	4^TH Floor, Balarama, Bandra Kurla Complex, Bandra E, Mumbai – 400051, India
Tel. No.:	91-22-26592525
Fax No.:	91-22-26592626

DIRECTORS

As on 27.09.2010

Name :

Mr. Mukhtar Akbarally Tejani

Designation :

Director

Address :

A/6, Dungursee Park Cooperative Housing Society Limited, 22, Bund Garden Road, Pune – 411001, Maharashtra, India

Date of Birth/Age :

26.05.1950

Date of Appointment :

27.07.1994

DIN :

00150278

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15443MH1994PTC079891	GITS FOOD PRODUCTS PRIVATE LIMITED	Director	27/07/1994	27/07/1994	Active	NO
2	U74220PN2002NPL017463	NATIONAL AGRICULTURE AND FOOD ANALYSIS AND RESEARCH INSTITUTE	Director	29/11/2002	29/11/2002	Active	NO
3	U01409MH1974PLC017803	MAHRATTA CHAMBER OF COMMERCE INDUSTRIES AND AGRICULTURE	Director	30/09/2006	30/09/2006	Active	NO
4	U15139PN2007PLC129397	G & G FOODS LIMITED	Director	4/1/2007	4/1/2007	Active	YES

Name :

Mr. Raju Harji Gilani

Designation :

Director

Address :

502, Panju Mahal, B J Road, Bandra West, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

26.03.1956

Date of Appointment :

27.07.1994

DIN :

00152179

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15443MH1994PTC079891	GITS FOOD PRODUCTS PRIVATE LIMITED	Director	27/07/1994	27/07/1994	Active	NO
2	U15139PN2007PLC129397	G & G FOODS LIMITED	Director	4/1/2007	4/1/2007	Active	YES

Name :

Mr. Akbarally Khan Mohamed Tejani

Designation :

Director

Address :

A/3, Vrindavan Park Cooperative Housing Society Limited, Harangi Bagh, Path C, Pune – 411001, Maharashtra, India

Date of Birth/Age :

20.01.1929

Date of Appointment :

27.07.194

DIN :

00152887

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15443MH1994PTC079891	GITS FOOD PRODUCTS PRIVATE LIMITED	Director	27/07/1994	27/07/1994	Active	NO

Name :

Mr. Sahil Raju Gilani

Designation :

Director

Address :

502 / 04, Panju Mahal, B J Road, Bandra West, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

19.03.1985

Date of Appointment :

01.07.2003

DIN :

01757566

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15443MH1994PTC079891	GITS FOOD PRODUCTS PRIVATE LIMITED	Director	1/7/2003	1/7/2003	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders	No. of Shares
Mukhtar Akbarally Tejani	186000
Sahil Raju Gilani	186000
Akbarally Khan Mohamed Tejani	186000
Raju Harji Gilani	186000
Total	744000

As on 27.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporters, Manufacturers and supplier of instant food and ready to eat food – snack mixes, desert mixes, papads, savories, meals, desserts, biscuits and cookies, dairy mate and pure ghee.

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	Licensed Capacity	Actual Production
Gulab Jamun	No. of Packets	-	7448896
Idli	No. of Packets	-	1424338
Dosai	No. of Packets	-	1050271
Vadai	No. of Packets	-	442626
Other Instant Products	No. of Packets	-	6617591
Installed Capacity – 2700 Tons

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Jammu And Kashmir Bank Limited, (Corporate Headquarters), M.A.Road, Srinagar,Kashmir, Srinagar - 190001, Jammu And Kashmir, India

Facilities :

Secured Loan [Rs. in million]	31.03.2010	31.03.2009
From HDFC Bank Limited on Hypothecation of Vehicles	8.069	8.529
Term Loan - J and K Bank Mumbai - (on Additional Factory building and Machinery installed at Pune)	36.300	50.526
From Jammu and Kashmir Bank Ltd. (against the Hypothecation of Stock-in-Trade, Book Debts, Fixed Assets and Personal guarantee of Directors)	64.085	30.583
Total	108.454	89.638
Unsecured Loan [Rs. in million]	6.419	4.450

Banking Relations :	--
Auditors :
Name :	Shroff and Company Chartered Accountant
Address :	503, Delux Court, 5^th Floor, Rao Bahadur BHandarkar Marg, Mumbai – 400050, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/-each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
744,000	Equity Shares	Rs.10/-each	Rs.7.440 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		7.440	7.440	7.440
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		80.492	55.978	43.223
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		87.932	63.418	50.663
LOAN FUNDS
1] Secured Loans		108.454	89.638	66.080
2] Unsecured Loans		6.419	4.450	10.883
TOTAL BORROWING		114.873	94.088	76.963
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		202.805	157.507	127.626
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		119.166	117.450	46.493
Capital work-in-progress		0.000	0.000	44.359
INVESTMENT		0.002	0.002	0.002
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.682	30.268	31.138
	Sundry Debtors	38.614	30.596	21.809
	Cash & Bank Balances	8.180	3.827	1.917
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	126.365	88.304	67.486
Total Current Assets		216.841	152.995	122.350
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	49.445	45.647	34.839
	Other Current Liabilities	14.185	10.467	13.607
	Provisions	69.574	56.826	37.132
Total Current Liabilities		133.204	112.940	85.578
Net Current Assets		83.637	40.055	36.772
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		202.805	157.507	127.626

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income		523.288	437.858
		Other Income		3.860	1.507
		TOTAL (A)	593.451	527.148	439.365
Less	EXPENSES
		Material Cost		302.785	260.044
		Employee Cost		42.751	38.604
		Administrative, selling and distribution Expenses		106.062	90.156
		TOTAL (B)	498.601	451.598	388.804
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		94.850	75.550	50.561
Less	FINANCIAL EXPENSES (D)		9.130	9.543	3.145
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		85.720	66.007	47.416
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.847	12.921	5.667
	PROFIT / LOSS BEFORE TAX (E-F) (G)		69.873	53.086	41.749
Less	TAX (I)		25.126	19.694	16.079
	PROFIT / LOSS AFTER TAX (G-I) (J)		44.747	33.392	25.670
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		24.498	17.923	18.742
	Deferred Tax Liability / Assets		0.318	0.056	0.272
Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	5.000	5.000
		Interim Dividend	11.160	11.160	11.160
		Tax on Interim Dividend	1.897	1.897	1.897
		Proposed Dividend	7.440	7.440	7.440
		Tax on Proposed Dividend	1.235	1.264	1.264
	BALANCE CARRIED TO THE B/S		42.831	24.498	17.923
	EARNINGS IN FOREIGN CURRENCY		226.597	208.692	NA
	Earnings Per Share (Rs.)			44.88	34.50

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.54	6.33	5.84
Net Profit Margin (PBT/Sales)	(%)	11.77	10.14	9.53
Return on Total Assets (PBT/Total Assets}	(%)	20.79	19.63	24.73
Return on Investment (ROI) (PBT/Networth)		0.79	0.84	0.82
Debt Equity Ratio (Total Liability/Networth)		2.82	3.26	3.21
Current Ratio (Current Asset/Current Liability)		1.63	1.35	1.43

LOCAL AGENCY FURTHER INFORMATION

Financial Performance

Local Turnover for the year increased by 14.23 % (from Rs.314.596 millions during F.Y2008-2009 to Rs.359.370 millions during F.Y 2009-2010)

During the year Export Turnover has increased by 8.58% (from Rs.208.692 millions during F.Y 2008-2009 to Rs.226.597 millions during F.Y 2009-2010)

DEPB License Sales increased by Rs. 3.472 as compared to previous year.

The Company has been investing substantial amount in Capital Assets for modernization and up gradation of technology.

Total addition in Capital Assets during the financial year is arrived Rs. 18.481 Millions Interest Out go for the current year has Decreased by Rs. 9.543 millions to Rs. 9.130 millions

Contribution to employment Cost this year is 48.235 millions as compared to previous year 42.751 millions. This is 8.23% of total turnover. In preceding year this was 8.37%.

Profit (Before depreciation and Tax) is Rs. 85.720 millions as compared to Previous year’s Rs. 66.007. millions i.e increased of 29.86%.

Provision for Income Tax for the current year is Rs.25.126 millions as compared to previous year 18.716 millions i.e increased by 34.25%.

Depreciation charges have increased by Rs.2.926 Millions from Rs. 12.921 millions to Rs.15.847 millions.

Future Outlook

A motivated team, new products, better marketing and distribution, tighter cost and Inventory Control and the burning desire to capture all profitable market segments.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90090056
Corporate identity number of the company	U15443MH1994PTC079891
Name of the company	GITS FOOD PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gits House Hadapsarindustial Estate, Pune – 411013, Maharashtra, India
Type of charge	Immovable Property Movable Property
Particular of charge holder	Jammu And Kashmir Bank Limited, (Corporate Headquarters), M.A.Road, Srinagar,Kashmir, Srinagar - 190001, Jammu And Kashmir, India
Nature of description of the instrument creating or modifying the charge	Loan Cum Sixth Supplemental Hypothecation Agreement And Memorandum Of Entry Dated 22.04.2009
Date of instrument Creating the charge	22.04.2009
Amount secured by the charge	Rs.280.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate Of Interest – Cash Credit - Plr-1% (13.5%) Pcl- Plr-4% (10.5%) Psl- Plr-4% (10.5%) Forward Contract- 18% Term Loan Facility 1- Plr-2% (12.5%) Term Loan Facility 2- Plr-2%(12.5%) With monthly rests. Additional 2% rate of interest in the event of default by the borrower to pay any sum due Terms of repayment - as per the repayment schedule as specified in the terms and conditions of the agreement Margin – CASH CREDIT - 40% PCL - 15% PSL - NIL FORWARD CONTRACT - NIL Extent And Operation Of The Charge - charge in the securities already held by the lender for existing working capital facilities shall be extended to the revised working capital limit of Rs. 170.000 millions to Rs. 200.000 millions
Short particulars of the property charged	1) Stocks Of Raw Material, Semi-Finished And Finished Goods In Trade Or Transit 2) Book Debts, Documents Of Title To Goods And Export Receivables 3) Entire Plant And Machinery (Old And New) At 18/1, 18/2, 18/3, 18/4, 18/5 and 18/6 Hadapsar Industrial Estate, Pune 4)Entire Factory Land And Building Premises At 18/1, 18/2, 18/3, 18/4, 18/5 and 18/6 Hadapsar Industrial Estate, Pune
Date of latest modification prior to the present modification	17.06.2008
Particulars of the present modification	Existing Working Capital Facility Of Rs. 170.000 Millions Enhanced To Rs. 200.000 Millions Total Facilities Enjoyed By The Company Of Rs.250.000 Millions Enhanced To Rs. 280.000 Millions Vide 6th Modification

FIXED ASSETS :

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Office Equipments

· Laboratory Equipments

· Electrical Installations

· Vehicles

· Air Conditioner

· Xerox Machine

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.47.09
UK Pound	1	Rs.74.64
Euro	1	Rs.64.42

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	YES
--AFFILIATION	YES/NO	NO
--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.