MIRA INFORM REPORT

Report Date :

16.09.2011

IDENTIFICATION DETAILS

Name :	PRATAAP SNACKS PRIVATE LIMITED
Registered Office :	Khasra No.: 378/2, Nemawar Road, Near Makrand House, Indore 452020, Madhya Pradesh, India
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.03.2009
Com. Reg. No.:	021746
Capital Investment / Paid-up Capital :	Rs. 2.010 millions
CIN No.: [Company Identification No.]	U15311MP2009PTC021746
TAN No.: [Tax Deduction & Collection Account No.]	BPLP03903E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Potato Chips
No. of Employees :	200 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 113432
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. There appears some accumulated losses recorded by the company. 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 caution.

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. Yogesh
Designation :	Accounts Manager
Contact No.:	91-9301401315
Date :	14.09.2011

LOCATIONS

Registered Office /Factory :	Khasra No.: 378/2, Nemawar Road, Near Makrand House, Indore 452020, Madhya Pradesh, India
Tel. No.:	91-731-3249200 / 3269200
Mobile No.:	91-9301401315 (Mr. Yogesh)
E-Mail :	yogesh@prakashsnacks.com
Branches :	UG-21 BCM Heights, Near Bombay Hospital, Scheme NO.54, Indore-452001, Madhya Pradesh, India
Location :	Owned

DIRECTORS

AS ON 23.09.2010

Name :	Mr. Rajesh Mehta
Designation :	Director
Date of Birth/Age :	20.11.1970
Date of Appointment :	23.03.2009
DIN No.:	01497922

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	U24132MP1994PTC008407	SWASTIK PLASTICIZER AND PVC PIPES INDORE PRIVATE LIMITED	Director	15/06/1994	15/06/1994	15/11/2008	Active	NO
2	U45201MH2001PTC132797	BCM REALTY PRIVATE LIMITED	Director	19/07/2001	19/07/2001	-	Active	NO
3	U45203MP1997PTC011855	ORANGE INFRACON PRIVATE LIMITED	Director	01/10/2001	01/10/2001	-	Active	NO
4	U05510MP1997PTC011728	SUNIKET HOTELS PVT LTD	Director	18/08/2005	18/08/2005	03/10/2007	Active	NO
5	U04520MP2005PTC018066	MID-INDIA INFRASTRUCTURE PRIVATE LIMITED	Director	31/10/2005	31/10/2005	-	Active	NO
6	U22121MP2006PTC018664	SHANTI INTERACTIVES PVT LTD	Director	19/05/2006	19/05/2006	-	Active	YES
7	U45101MP2006PTC018665	SHANTI REALTY PVT LTD	Director	19/05/2006	19/05/2006	-	Active	YES
8	U70101MP1998PTC012811	MANGAL KAMNA REAL ESTATE (INDIA) PRIVATE LIMITED	Director	01/11/2008	01/11/2008	-	Active	NO
9	U15311MP2009PTC021746	Prataap Snacks Private Limited	Director	23/03/2009	23/03/2009	12/05/2011	Active	NO
10	U45200MP2010PTC024586	SHANTI VENTURE AND REAL ESTATE PRIVATE LIMITED	Director	21/10/2010	21/10/2010	-	Active	NO
11	U55101MP1997PTC012038	SAAJ CLUB AND HOTELS PRIVATE LIMITED	Additional director	21/10/2010	21/10/2010	-	Active	NO
12	U45201MP2007PTC020085	WELWET REAL ESTATE PRIVATE LIMITED	Additional director	20/12/2010	20/12/2010	-	Active	NO

Name :	Mr. Naveen Mehta
Designation :	Director
Date of Birth/Age :	29.06.1970
Date of Appointment :	23.03.2009
DIN No.:	01576417

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	U65921MP1989PTC005029	B.C.M. INVESTMENTS PVT LTD	Director	20/01/1989	20/01/1989	-	Active	NO
2	U24132MP2001PTC014711	MILLENNIUM CHEMICALS INDIA PRIVATE LIMITED	Director	26/06/2001	26/06/2001	15/11/2008	Active	NO
3	U45201MH2001PTC132797	BCM REALTY PRIVATE LIMITED	Director	19/07/2001	19/07/2001	-	Active	NO
4	U45203MP1997PTC011855	ORANGE INFRACON PRIVATE LIMITED	Director	01/10/2001	01/10/2001	-	Active	NO
5	U05510MP1997PTC011728	SUNIKET HOTELS PVT LTD	Director	18/08/2005	18/08/2005	03/10/2007	Active	NO
6	U22121MP2006PTC018664	SHANTI INTERACTIVES PVT LTD	Director	19/05/2006	19/05/2006	-	Active	YES
7	U55209MH2002PTC134710	BON-APPETITE RESTAURANTS PRIVATE LIMITED	Director	28/01/2007	28/01/2007	-	Active	NO
8	U45101MP2006PTC018665	SHANTI REALTY PVT LTD	Director	18/03/2008	18/03/2008	-	Active	YES
9	U15311MP2009PTC021746	Prataap Snacks Private Limited	Director	23/03/2009	23/03/2009	12/05/2011	Active	NO
10	U70101MP1998PTC012811	MANGAL KAMNA REAL ESTATE (INDIA) PRIVATE LIMITED	Director	08/06/2009	08/06/2009	-	Active	NO
11	U45200MP2010PTC024586	SHANTI VENTURE AND REAL ESTATE PRIVATE LIMITED	Director	21/10/2010	21/10/2010	-	Active	NO
12	U55101MP1997PTC012038	SAAJ CLUB AND HOTELS PRIVATE LIMITED	Additional director	21/10/2010	21/10/2010	-	Active	NO
13	U45201MP2007PTC020085	WELWET REAL ESTATE PRIVATE LIMITED	Additional director	27/12/2010	27/12/2010	-	Active	NO
14	U91990MP2011NPL025960	CONFEDERATION OF REAL ESTATE DEVELOPERS ASSOCIATION OF INDIA - INDORE CHAPTER (CREDAI INDORE)	Director	10/05/2011	10/05/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Yogesh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.09.2010

Names of Shareholders	No. of Shares
Rajesh Mehta	41250
Naveen Mehta	41250
BCM Realty Private Limited, Mumbai	15000
BCM Construction, Indore	22000
BCM Investment Private Limited, Indore	30000
Shanti Realty Private Limited, Kolkata	25000
Rvind Mehta	26250
Arun Mehta	26250
Sandhya Kumat	3000
Rakhee Kumat	3000
Palak Vincom Private Limited, Kolkata	30000
Sarita Nirman Private Limited, Kolkata	10000
Palak Nirman Private Limited, Kolkata	35000
Total	308000

AS ON 23.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		54.23
Directors or relatives of directors		43.83
Other top fifty shareholders		1.94
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Potato Chips
Products :	ITC Code : 15138 Product : Potato based Snacks
Exports :
Products :	Potato Chips
Countries :	Canada, Sri Lanka
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS

AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity
Potato Chips Plant	MT (Per Annum)	6000	6000

GENERAL INFORMATION

Customers :

· Wholesaler

· Retailers

No. of Employees :

200 Approximately

Bankers :

· Central Bank of India

· State Bank of India, Commercial Branch, A B Road, Near GPO, Indore 452001, Madhya Pradesh, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2010
State Bank of India- Term Loan A/c (Secured against hypothecation of Plant and Machinery and Personal Guarantee of Directors)	80.805
State Bank of India – Cash Credit Account (Secured against hypothecation of Raw Material and Finished Goods)	23.407
Total	104.212
UNSECURED LOAN
From Directors and Shareholders	27.739
Total	27.739

Banking Relations :	--
Auditors :
Name :	Pramod Chopra and Associates Chartered Accountant
Address :	105, A Wing, Shalimar Corporate Center, South Tukoganj, Indore 452001, Madhya Pradesh, India
Sister Concern:	Prakash Snacks Private Limited

CAPITAL STRUCTURE

AS ON 23.09.2010

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
308000	Equity Shares	Rs. 10 each	Rs. 3.080 millions

AS ON 31.03.2010

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
201000	Equity Shares	Rs. 10 each	Rs. 2.010 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.010
2] Share Application Money		15.000
3] Reserves & Surplus		17.290
4] (Accumulated Losses)		(5.942)
NETWORTH		28.358
LOAN FUNDS
1] Secured Loans		104.212
2] Unsecured Loans		27.739
TOTAL BORROWING		131.951
DEFERRED TAX LIABILITIES		6.189
TOTAL		166.498
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		144.794
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.987
	Sundry Debtors	0.917
	Cash & Bank Balances	0.135
	Other Current Assets	0.000
	Loans & Advances	5.017
Total Current Assets		42.056
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.904
	Other Current Liabilities	1.535
	Provisions	0.050
Total Current Liabilities		20.489
Net Current Assets		21.567
MISCELLANEOUS EXPENSES		0.137
TOTAL		166.498

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Sales	17.224
		Other Income	0.283
		TOTAL (A)	17.507
Less	EXPENSES
		Cost of Materials	11.618
		Manufacturing Expenses	2.708
		Employees Remuneration	0.754
		Selling and Distribution Expenses	1.002
		Preliminary Expenditure Written off	0.015
		Administrative Expenses	0.070
		TOTAL (B)	16.167
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.340
Less	FINANCIAL EXPENSES (D)		0.223
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.117
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.821
	PROFIT BEFORE TAX (E-F) (G)		0.296
Less	TAX (H)		6.238
	PROFIT AFTER TAX (G-H) (I)		(5.942)
	IMPORTS		7.411
	Earnings Per Share (Rs.)		--

KEY RATIOS

PARTICULARS		31.03.2010
PAT / Total Income	(%)	(33.94)
Net Profit Margin (PBT/Sales)	(%)	1.71
Return on Total Assets (PBT/Total Assets}	(%)	0.15
Return on Investment (ROI) (PBT/Networth)		0.01
Debt Equity Ratio (Total Liability/Networth)		5.59
Current Ratio (Current Asset/Current Liability)		2.05

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE REVIEW:

The company is food processing industry engaged in the Manufacturing of Potato based Snacks and Different types Namkins. During the year under review performed exceptionally well and contributed Rs. 17.224 millions towards company’s turnover. The profit before depreciation and taxes is Rs. 1.115 millions.

Note:

Registered office of the company has been shifted from UG-21 BCM Heights, Near Bombay Hospital, Scheme NO.54, Indore-452001, Madhya Pradesh, India to the present address w.e.f.02.08.2011.

TRADE REFERENCE:

Umex Polymers

FIXED ASSETS:

· Factory Land and Building

· Plant and Machinery

· Site Development

· Etp Plant

· D G Set

· Lab Equipment

· Electrical Installation

· Furniture and Fixtures

FORM 8

Corporate identity number of the company	U15311MP2009PTC021746
Name of the company	PRATAAP SNACKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Khasra No.: 378/2, Nemawar Road, Near Makrand House, Indore 452020, Madhya Pradesh, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	State Bank of India, Commercial Branch, A B Road, Near GPO, Indore 452001, Madhya Pradesh, India Email: hgupta_sbi@yahoo.co.in
Nature of instrument creating charge	Agreement of Hypothecation of Goods and Assets For Increase In The Overall Limit Dated 05.08.2010 Letter Regarding The Grant Of Individual Limits Within The Overall Limit Dated 05.08.2010 Recital For Extension Of Mortgage By Deposit Of Title Deed No. 2010-11/05 Dated 05.08.2010
Date of instrument Creating the charge	05.08.2010
Amount secured by the charge	Rs. 167.600 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest At 4.75% Above Base Rate I.E. 12.25% Pa With Biennial Reset Clause Terms of repayment Working Capital : Twelve Months (Renewable) Term Loan Would Be Repaid In 23 Quaterly Instalments After A Moratorium Period Of 12 Months From Date Of Initial Disbursement Or September 2011 Whichever Is Earlier. Margin Cash Credit 25% On Raw Material, Sip, And Stocks 40% On Recievables (Coverage Period 90 Days) TL : 37.11% Extent and operation of the charge First Hypothecation Charge Over Companies Stock Of Raw Material, Finished Goods, Stock Of Work In Progress, Spares And Stores At Factory Premises. Equitable Mortgage On Land Building And Fixed Assets In Factory Premises. Other Collateral Security And Personal Guarantee As Per Sanction Letter Other Terms And Conditions As Per Sanction Letter No. Amt-Ii/2010-11/206 Dated 26.07.2010 And Agreement Dt 05.08.2010.
Short particulars of the property charged (Including location of the property)	Hypothecation of raw material, finished goods, stock of work in progress, spares and stores at factory premises and all current assets. Equitable mortgage over companys existing and proposed fixed assets at factory premises at patwari halka no. 52 khasra no. 378/2/1 at village palda, nemawar road ,indore [m. P.]
Particulars of the present modification	Total Credit Facility Enhanced From Rs. 105.000 millions To Rs. 167.600 millions As Follows Existing New Proposed Cash Credit 25.0 35.0 Existing TL 80.0 80.0 New Term Loan - 50.0 LC (Within TL) - (25.0) CEL - 02.6

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.47.84
UK Pound	1	Rs.75.40
Euro	1	Rs.65.68

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.