MIRA INFORM REPORT

Report Date :

26.04.2012

IDENTIFICATION DETAILS

Name :	FORTUNE GOURMET SPECIALITIES PRIVATE LIMITED
Formerly Known As :	FORTUNE APPARELS PRIVATE LIMITED
Registered Office :	107, Adhyaru Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.09.1971
Com. Reg. No.:	11-15356
Capital Investment / Paid-up Capital :	Rs.0.350 Million
CIN No.: [Company Identification No.]	U18101MH1971PTC015356
IEC No.:	0388063319
TAN No.: [Tax Deduction & Collection Account No.]	MUMM21298E
PAN No.: [Permanent Account No.]	AAACF4952B
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Distributor of Cheese, Meat and other dairy products
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track records. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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. Mahindra Ved
Designation :	Finance Executive
Contact No.:	91-9833136958

LOCATIONS

Registered Office :	107, Adhyaru Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra
Tel. No.:	91-22-24926845/ 24926846
Mobile No.:	91-9833136958 (Mr. Ved – Accountant)
Fax No.:	91-22-24950387
E-Mail :	fortunegourmet@vsnl.net jaylawyer@vsnl.com forunegourmet@hathway.com sales@fortunegourmet.com admin@fortunegourment.com
Website :	www.fortunegourmet.com
Area:	1150 sq. ft.
Location:	Owned
Branch Office:	144-9, Ground Floor, Kishan Garrh, Vasant Kunj, New Delhi – 110070, India Tel. No.: 91-11-55642270 E-Mail: fortune-gvt@India.com gauravavatsa@yahoo.co.in Area: 1000 sq. ft. Location: Rented Pune Office / Cold Storage : C/2, Mayfair Eleganza 1, N.I.B.M. Road, Kondhwa, Pune – 411048, Maharashtra, India Goa Office / Cold Storage : Pure Vakhos Trade Private Limited, Ho.No.1027/9, Grand Peddem, Anjuna, Bardez, Goa – 403 509, India Bangalore Office/Cold Storage: Malika Mansion, 94 - 1/2, Infantry Road, Banglore – 560001, Karnataka, India Madras Office / Cold Storage : Frozen World, 35, Veerabadaran Street, Nungambakkam, Chennai – 600 034, India Delhi Office / Cold Storage : 144/9, Ground Floor, Kishangarh, Vasant Kunj, New Delhi – 110 070, India Hyderabad Office / Cold Storage : Plot No.5, Happy Valley Enclave, Road, No.10, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India
Cold Storage and Warehousing Facility/ Branch Office :	Galla Nos. 108 and 227, 107, Adhyaru Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai - 400 013, Maharashtra, India Robinsons Global Logistics, C 2, Sri Rajlaxmi Logistics Park, Opposite By Pass Policy Chowky, Village Vadpe, Taluka Bhiwandi, District Thane – 421302, Maharashtra, India Tel No. : 91-252-2244520

DIRECTORS

AS ON 30.09.2010

Name :	Mrs. Falaqnaz Darius Lawyer
Designation :	Director
Address :	54 A, Meher Apartment, Anstey Road, Mumbai – 400 026, Maharashtra, India
Tel. No.:	91-22-23868355/23867162
Date of Birth/Age :	25.10.1939
Qualification:	Graduate
Date of Appointment :	30.12.1981
DIN No.:	00272793
Name :	Mr. Jehangir Darius Lawyer
Designation :	Director
Address :	54 A, Meher Apartment, Anstey Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	03.07.1969
Qualification:	Graduate
Date of Appointment :	01.02.2002
DIN No.:	00272635

KEY EXECUTIVES

Name :	Mr. Mahindra Ved
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2011

Names of Shareholders	No. of Shares
Darius Jehangir Lawyer	1096
Falaq Darius Lawyer	712
Jehangir Darius Lawyer	846
Rishad Darius Lawyer	846
Total	3500

AS ON 26.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Importer and Distributor of Cheese, Meat and other dairy products
Imports :
Products :	Cheese, Meat, Diary Products
Countries :	· Italy · Spain · Singapore
Terms :
Selling :	Credit (90 days)
Purchasing :	Credit (90 days)

GENERAL INFORMATION

Suppliers :

· Zenty, Italy

Customers :

· S Star Hotels

· J. W. Marriot

No. of Employees :

80 (Approximately)

Bankers :

· HDFC Bank Limited,

HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400 013, Maharashtra, India

· Dena Bank,

Sun Mill Compound Branch, Block No. 11/12/13, Lower Parel, Mumbai – 400013, Maharashtra, India

· HDFC Bank, Kamala Mill Compound Branch

Facilities :

Dena Bank – Credit Limit: Rs.22.000 Millions

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credit Secured against stock and debtors	0.006	1.330
TATA Motors Finance Limited – ACE Van Against hypothecation of Ace Van	0.000	0.085
Total	0.006	1.415
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Shareholders	11.760	11.760
Total	11.760	11.760

Banking Relations :	--
Auditors :
Name :	R. K. Jhunjhunwala and Associates Chartered Accountants
Address :	151, Nariman Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-56590150
Fax No.:	91-22-56590170
E-Mail :	rkja@rkja.com
Pan No.:	AABPJ9214G
Associates/Subsidiaries :	· Deejay Enterprise 107, Adhyaru Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra, India Line of Business: Financial Service

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3500	Equity Shares	Rs.100/- each	Rs.0.350 Million
1500	Unclassified equity shares	Rs.100/- each	Rs.0.150 Million
	Total		Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3500	Equity Shares	Rs.100/- each	Rs.0.350 Million

NOTE:

(Of the above 560 equity shares have been allotted as fully paid up pursuant to a contract, without payment being received in cash

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		0.350	0.350	0.350
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		99.852	70.890	51.863
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		100.202	71.240	52.213
LOAN FUNDS
1] Secured Loans		0.006	1.415	0.171
2] Unsecured Loans		11.760	11.760	19.760
TOTAL BORROWING		11.766	13.175	19.931
DEFERRED TAX LIABILITIES		0.026	0.026	0.029
TOTAL		111.994	84.441	72.173
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.104	5.641	4.789
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		12.932	6.220	6.220
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.245	28.787	19.944
	Sundry Debtors	77.537	73.070	49.055
	Cash & Bank Balances	13.731	0.779	17.994
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	25.707	8.485	6.778
Total Current Assets		135.220	111.121	93.771
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.947	19.187	11.199
	Other Current Liabilities and Provisions	23.315	19.354	21.408
Total Current Liabilities		44.262	38.541	32.607
Net Current Assets		90.958	72.580	61.164
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		111.994	84.441	72.173

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	325.332	264.045	212.521
		Other Income		9.143
		TOTAL	325.332	273.188	212.521
Less	EXPENSES
		TOTAL	283.570	244.004	191.541
	PROFIT BEFORE TAX		41.762	29.184	20.980
Less	TAX		12.800	10.157	7.372
	PROFIT AFTER TAX		28.962	19.027	13.608
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		69.938	50.911	37.303
	BALANCE CARRIED TO THE B/S		98.900	69.938	50.911
	IMPORT VALUE		139.089	159.515	127.576
	Earnings Per Share (Rs.)		8274.85	5436.29	--

Expected Sales (2011-12): Rs.370.000 Millions

The above information has been parted by Mr. Mahindras Ved.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.90	6.96	6.40
Net Profit Margin (PBT/Sales)	(%)	NA	11.05	NA
Return on Total Assets (PBT/Total Assets}	(%)	29.14	24.99	21.29
Return on Investment (ROI) (PBT/Networth)		0.42	0.41	0.40
Debt Equity Ratio (Total Liability/Networth)		0.56	0.73	1.01
Current Ratio (Current Asset/Current Liability)		3.05	2.88	2.88

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011 Rs. In Millions	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Sundry Creditors for goods	20.947	19.187	11.199
Total	20.947	19.187	11.199

Check list by info Agents	Available in Report (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
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

FORM 8:

This form is for	Modification of charge
Charge Identification (ID Number of the charge to be modified	80014777
Corporate identity number of the company	U18101MH1971PTC015356
Name of the company	FORTUNE GOURMET SPECIALITIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	107, Adhyaru Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra, India
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Dena Bank, Sun Mill Compound Branch, Block No. 11/12/13, Lower Parel, Mumbai – 400013, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Unattested Memorandum of Modification of Hypothecation Agreement from Companies.
Date of instrument Creating the charge	02.03.2009
Amount secured by the charge	Rs.27.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest as may be stipulated by the Bank from time to time. Terms of Repayment: On Demand Margin: As may be stipulated by the bank from time to time. Extent and Operation of the charge: The Company hypothecates to and charges in favour of the Bank, by way of first charge, of all the company's goods, book debts and/or movable plant and machinery as described in Column No. 14 as security for due payment of the revised credit facilities upto Rs. 27.000 Millions together with interest, discount, commission, charges and costs and expenses payable by company to the Bank.
Short particulars of the property charged	i) Goods : All stocks raw materials, goods in process and finished goods ; ii) Movable & Other Assets : All the tangible movable properties and assets of the Borrower of whatsoever nature including plant and machinery; and iii) Book Debts : All the present and future book debts, out standings, moneys, receivables, claims, bills, rights.
Date of latest modification prior to the present modification	24.09.2006
Particulars of the present modification	The Charge now stands increased from Rs.15.000 Millions to Rs.27.000 Millions against hypothecation of goods, book debts and movable plant and machinery.

FIXED ASSETS

· Factory premises

· Plant and machinery

· Refrigerator

· Electrical installation

· Office equipment and other appliances

· Furniture and fixtures

· Computers

· Cold Storage

· Scooter

· Refrigerator Van

· Air Conditioner

· Telephone Instrument

TRADE REFERENCE:

· Zenty, Italy

· J. W. Marriot

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.52.49
UK Pound	1	Rs.84.65
Euro	1	Rs.69.25

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		58

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.