MIRA INFORM REPORT

Report Date :

18.04.2012

IDENTIFICATION DETAILS

Name :	APRICOT FOODS PRIVATE LIMITED
Registered Office :	2410, G.I.D.C. Lodhika, Almighty Gate, Post, Khirasra, Metoda, Gujarat- 360021
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.10.2003
Com. Reg. No.:	04-043068
Capital Investment/ Paid-up Capital:	Rs. 4.000 Millions
CIN No.: [Company Identification No.]	U15499GJ2003PTC043068
TAN No.: [Tax Deduction & Collection Account No.]	RKTA01177B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Food Products
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 253000
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

LOCATIONS

Registered Office/Factory/Corporate office :	2410, G.I.D.C. Lodhika, Almighty Gate, Post, Khirasra, Metoda, Gujarat- 360021, India
Tel. No.:	91-2827-287066
Mobile Number:	For Administration 91- 9879612838 (Mr. Tushar) 91- 9879612833 (Mr. Vijay) 91- 98795 56737 (Mr. Rakesh) For Accounts 91- 9898182827 (Mr. Anil Bhojani) Marketing 91- 98795 86737 (Mr.Ketan Tanna)
Fax No.:	91-2827-287665
E-Mail :	cdcfc@rediffmail.com apricotfoods@yahoo.com info@everestsnacks.com
Website :	www.everestsnacks.com

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Arunbhai Gandhibai Patel

Designation :

Chairman

Address :

New Plot, Bhayavadar- 360450, India

Date of Birth/Age :

01.05.1935

Date of Appointment :

17.10.2003

Din Number:

01966598

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	U15499GJ2003PTC043068	APRICOT FOODS PRIVATE LIMITED	Managing director	17/10/2003	17/10/2003	-	Active	NO
2	U15132GJ2010PTC060014	INOX FOODS PRIVATE LIMITED	Director	26/03/2010	26/03/2010	-	Active	NO

Name :

Mr. Rajeshkumar ArunbhaI Patel

Designation :

Managing director

Address :

“Sindhya” 3, Panchavati Society, Rajkot, Gujarat, Inida

Date of Birth/Age :

27.09.1965

Date of Appointment :

17.10.2003

Din Number:

02089068

Name :

Mrs. Anjanaben R. Patel

Designation :

Executive Director

Address :

Sandhiya, 3 Panchvati Society, Rajkot-360 005, Gujarat, India

Date of Birth/Age :

25.04.1971

Date of Appointment :

31.08.2006

Din Number:

01975534

Name :

Mr. Sanjaykumar Arunbhai Patel

Designation :

Director

Address :

“Streling”, 24/A , Vidhyakunj Society, Amin Marg, Rajkot, Gujarat, India

Date of Birth/Age :

10.10.1966

Date of Appointment :

17.10.2003

Din Number:

01971351

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	U15499GJ2003PTC043068	APRICOT FOODS PRIVATE LIMITED	Director	17/10/2003	17/10/2003	-	Active	NO
2	U15132GJ2010PTC060014	INOX FOODS PRIVATE LIMITED	Director	26/03/2010	26/03/2010	-	Active	NO
3	U31902GJ2010PTC063001	ADLER ELECTRONICS PRIVATE LIMITED	Whole-time director	22/11/2010	22/11/2010	-	Active	NO

Name :

Mrs. Ushaben S. Patel

Designation :

Executive Director

Address :

10^th Silver Nest, 5^th Floor, 2 Jalaram, University Road, Rajkot-360 005, Gujarat, India

Date of Birth/Age :

12.10.1968

Date of Appointment :

31.08.2006

Din Number:

01975546

Name :

Mr. Denish Kalavadia

Designation :

Executive Director

Address :

Madhuvan Society, 150, Feet Ring Road, Rajkot – 360 005, Gujarat, India

Date of Appointment :

12.01.2006

Din Number:

02089097

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	U15499GJ2003PTC043068	APRICOT FOODS PRIVATE LIMITED	Managing director	12/1/2006	12/1/2006	-	Active	NO
2	U31902GJ2010PTC063001	ADLER ELECTRONICS PRIVATE LIMITED	Whole-time director	22/11/2010	22/11/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Rajesh A. Patel	48000
Rajesh A. Patel HUF	48000
Anjanaben R. Patel	44000
Sanjay A. Patel	48000
Sanjay A. Patel HUF	48000
Ushaben S. Patel	44000
Arunbhai G. Patel	30000
Arunbhai G. Patel HUF	30000
Jayesh K. Kalavadia	8000
Shital J. Kalavadi	12000
Tanuj N. Kalavadi	8000
Niketa T. Kalavadi	8000
Denish N. Kalavadia	12000
Lalitaben K. Kalavadi	12000
Total	400000

(AS ON 30.09.2011)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Food Products
Products :	Food Processing Unit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Potato/ Banana Chips	KGS	N.A.	300 Per Hour	973992
Namkeen and Others	KGS	N.A.	N.A.	2840752

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Small Industries Development Bank of India, 1^st Floor, Nirmal, 7, Ramkrishnanagar Corner, Opposite Municipal Commissioner Bunglow, Off. Yagnik Road, Rajkot – 360 001, Gujarat, India

· Bank of India

· Axis Bank Limited

· ICICI Bank Limited

· The Co-op Bank of Rajkot Limited

· SIDBI Bank

Rs. In Millions

Facilities :

SECURED LOAN	31.03.2011	31.03.2010
SIDBI- Term loan [Secured against Hypothecation of Plant and Machinery and Equitable Mortgage of Factory Land And Building ]	8.511	11.700
Bank of India – Cash Credit [Secured against Hypothecation of Stock and Book Debt Equitable Mortgage of Factory Land And Building and personal Guarantee of all directors ]	9.138	0.000
Axis Bank Limited – Letter of Credit [Secured against Hypothecation of Plant and Machinery personal Guarantee of all directors ]	14.604	0.000
Cholamandlam DSB Finance Limited [Secured against Hypothecation of Vehicles)	2.342	3.622
Total	34.595	15.322
UNSECURED LOAN
From Directors	0.629	2.096
From Share Holders	3.377	3.047
From Directors and Share Holders Relatives	0.939	2.629
Total	4.945	7.772

Banking Relations :	--
Auditors :
Name :	Kalaria and Sampat Chartered Accountant
Address :	302 – 305 Star Avenue, Dr, Radhakrishanan Road, Opp. Raj Kumar College, Rajkot- 360001 Gujarat-GJ, India
Pan Number:	AACFK2045F

CAPITAL STRUCTURE

(As on 31.03.2011)

Authorised Capital:

No. of Shares	Type	Value	Amount
400000	Equity Share	Rs.10/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Share	Rs.10/- each	Rs. 4.000 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		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		59.232	45.767	35.423
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		63.232	49.767	39.423
LOAN FUNDS
1] Secured Loans		34.595	15.322	6.277
2] Unsecured Loans		4.945	7.772	4.563
TOTAL BORROWING		39.540	23.094	10.840
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		102.772	72.861	50.263
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		85.466	54.479	36.913
Capital work-in-progress		1.205	0.000	8.817
INVESTMENT		0.072	0.072	0.075
DEFERREX TAX ASSETS		0.318	0.318	0.318
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	41.200	19.420	9.927
	Sundry Debtors	5.199	5.860	2.956
	Cash & Bank Balances	7.693	5.761	2.534
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.773	8.731	3.245
Total Current Assets		65.865	39.772	18.662
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	37.824	13.672	8.356
	Other Current Liabilities	4.615	4.367	2.953
	Provisions	7.715	3.741	3.213
Total Current Liabilities		50.154	21.780	14.522
Net Current Assets		15.711	17.992	4.140
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		102.772	72.861	50.263

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	543.129	376.663	271.628
		Other Income	1.258	2.884	1.240
		Stock Variance	9.551	0.763	(0.365)
		TOTAL (A)	553.938	380.310	272.503
Less	EXPENSES
		Material Consumed	448.474	300.678	216.259
		Manufacturing Expenses	15.619	14.968	13.553
		Personal Expenses	12.467	10.649	0.000
		Administrative and Selling Expense	43.645	32.360	18.519
		Miscellaneous Expenditure written off	0.000	0.000	0.214
		TOTAL (B)	520.205	358.655	248.545
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33.733	21.655	23.958
Less	FINANCIAL EXPENSES (D)		2.567	1.399	1.307
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.166	20.256	22.651
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.952	8.026	6.244
	PROFIT BEFORE TAX (E-F) (G)		19.214	12.230	16.407
Less	TAX (H)		5.757	1.898	2.053
	PROFIT AFTER TAX (G-H) (I)		13.457	10.332	14.354
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		43.085	32.741	18.382
Add	Excess /(Short) Provision of Tax written		0.008	0.012	0.005
	BALANCE CARRIED TO THE B/S		56.550	43.085	32.741
	IMPORTS
		Raw Materials	39.841	0.942	0.943
		Capital Goods	3.355	NA	NA
	TOTAL IMPORTS		43.196	0.942	0.942
	Earnings Per Share (Rs.)		33.64	25.83	35.89

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.47	3.21	5.99
Net Profit Margin (PBT/Sales)	(%)	3.54	3.24	6.04
Return on Total Assets (PBT/Total Assets}	(%)	12.70	12.98	29.52
Return on Investment (ROI) (PBT/Networth)		0.30	0.25	0.42
Debt Equity Ratio (Total Liability/Networth)		0.79	0.43	0.37
Current Ratio (Current Asset/Current Liability)		1.31	1.83	1.29

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

PERFORMANCE:

During the year, the company’s achieved higher Turnover to Rs.543.130 millions as compared to Rs.376.663 millions the previous year Turnover of and also Profit after Tax also increased to Rs.13.457 millions as compared to Rs.13.457 millions in the Previous Year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U15499GJ2003PTC043068
Name of the company	APRICOT FOODS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2410, G.I.D.C. Lodhika, Almighty Gate, Post, Khirasra, Metoda, Gujarat- 360021, India cdcfc@rediffmail.com
This form is for	Modification of charge
Charge identification number of the modified	80011530
Type of charge	· Immovable Property · Movable Property · Others (Deposit of Title Deeds, Hypothecation Agreement)
Particular of charge holder	Small Industries Development Bank of India, I Floor, Nirmal, 7, Ramkrishnanagar Corner, Opposite Municipal Commissioner Bunglow, YagnikRoad, Rajkot – 360 001, Gujarat, India dolphy@sidbi.in
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation and memorandum of entry of additional credit facility of Rs. 15.000 millions only under direct credit scheme. Now total credit facilities of Rs. 52.200 Millions only
Date of instrument Creating the charge	03/02/2010
Amount secured by the charge	Rs. 52.200 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	RATE OF INTEREST The present applicable rate of interest is 0.50% below SIDBi's plr rising & falling there with, with monthly rests. the current SIDBI's plr being 12.75% p.a.& current effective rate of interest 12.25%p.a TERMS OF REPAYMENT: The loan shall be rapaid by the borrower to SIDBI in 60 monthly instalments of Rs. 0.250 Millions total repayment of rs. 15.000 Millions after a moratorium of 12 months from the date of first disbursement of the loan. MARGIN: As set out in the Agreement EXTENT AND OPERATION OF THE CHARGE : The additional credit facilities avail by way of deed of hypothecation and memorandum of entry of Rs. 15.000 Millions only.
Short particulars of the property charged	First charge by way of hypothecation of movable assets. Acquired/ to be acquired under the scheme / project. Collateral: Extension of first charge by way of hypothecation in favour of SIDBI on all the existing movable assets of the company Collateral : Extension of first charge by way of mortgage of factory land and building at plot no. 2410, GIDC, Lodhika, Metoda Rajkot
Date of latest modification prior to the present modification	14.09.2011
Particulars of the present modification	Deed of hypothecation and memorandum of entry of additional credit facility of Rs. 15.000 Millions under direct credit scheme.

FIXED ASSETS:

v Land

v Factory Building

v Plant and Machinery

v Furniture and Fixture

v Office Equipments

v Computers

v Vehicles

v Capital Work-in-Progress (Factory Building)

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. 51.66
UK Pound	1	Rs. 67.18
Euro	1	Rs. 81.80

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.