MIRA INFORM REPORT

Report Date :

11.01.2012

IDENTIFICATION DETAILS

Name :	REIMANNS FINE FOODS PRIVATE LIMITED
Registered Office :	VI/44, Kinfra Small Industrial Park, Nellad P.O., Muvattupuzha-686721, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.11.2005
Com. Reg. No.:	09-018855
Capital Investment / Paid-up Capital :	Rs.12.850 Millions
CIN No.: [Company Identification No.]	U15499KL2005PTC018855
TAN No.: [Tax Deduction & Collection Account No.]	CHNR00634E
PAN No.: [Permanent Account No.]	AADCR3891G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Bakery Confectionary Product.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge 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 on a secured 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 :	VI/44, Kinfra Small Industrial Park, Nellad P.O., Muvattupuzha-686721, Kerala, India
Tel. No.:	91-484-2813060
Fax No.:	91-484-2769620
E-Mail :	stiebling@reimann-foods.com

DIRECTORS

As on 30.09.2011

Name :	Steffen Jurgen Stiebling
Designation :	Managing Director
Address :	Waltershavsen Ortsteil, Langenhain-099880, Germany
Date of Birth/Age :	03.12.1963
Date of Appointment :	24.11.2005
Din No.:	00064760
Name :	Cornelia Stiebling
Designation :	Director
Address :	Waltershavsen Ortsteil, Langenhain-099880, Germany
Date of Birth/Age :	22.01.1989
Date of Appointment :	03.06.2008
Din No.:	02721519
Name :	Maximilian Harold Rolf Stiebling
Designation :	Director
Address :	Waltershavsen Ortsteil, Langenhain-099880, Germany
Date of Birth/Age :	11.11.1968
Date of Appointment :	03.06.2008
Din No.:	02721523

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Steffen Jurgen Stiebling	668990
E K Joseph	5
Sally Joseph	5
Cornelia Stiebling	440000
Maximilian Harold Rolf Stiebling	176000
Total	1285000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	90.00
Other	10.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bakery Confectionary Product.

GENERAL INFORMATION

Bankers :

The South Indian Bank Limited, Overseas Branch, Civil Line, Bye Pass Junction, Palarivattom, Ernakulam-682028, Kerala, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Term Loan	2.678	3.565
Cash Credit	0.986	0.843
Total	3.664	4.408
Unsecured Loan
Loan from directors	11.118	8.662
Total	11.118	8.662

Banking Relations :	--
Auditors :
Name :	Santhoshkumar and Associates Chartered Accountants
Address :	Arayathinal Bunglow, 33/100, V.P. Marickar Road, Edapally, Ernakulam-682024, Kerala, India
Mobile No.:	91-9447645700
E-Mail :	skassociatessekm@gmail.com
Pan No.:	BDZPS6650R

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1900000	Equity Shares	Rs.10/- each	Rs.19.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1285000	Equity Shares	Rs.10/- each	Rs.12.850 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		12.850	12.850	12.850
2] Share Application Money		10.118	8.965	8.965
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(24.311)	(18.111)	(10.817)
NETWORTH		(1.343)	3.704	10.998
LOAN FUNDS
1] Secured Loans		3.664	4.408	4.516
2] Unsecured Loans		11.118	8.662	0.000
TOTAL BORROWING		14.782	13.070	4.516
DEFERRED TAX LIABILITIES		1.130	0.000	0.000
OTHERS		0.962	0.962	0.962
TOTAL		15.531	17.736	16.476
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.489	14.079	14.249
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.298	0.940	0.000
	Sundry Debtors	1.309	1.348	1.366
	Cash & Bank Balances	0.095	0.210	0.121
	Other Current Assets	0.027	0.176	0.430
	Loans & Advances	0.121	0.088	0.221
Total Current Assets		1.850	2.762	2.138
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.271	0.021	0.000
	Other Current Liabilities	0.261	(0.011)	0.183
	Provisions	0.000	0.000	0.633
Total Current Liabilities		0.532	0.010	0.816
Net Current Assets		1.318	2.752	1.322
MISCELLANEOUS EXPENSES		0.724	0.905	0.905
TOTAL		15.531	17.736	16.476

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	5.748	7.294	8.060
Less/ Add	DEPRECIATION/ AMORTISATION	0.678	0.659	0.645
	PROFIT BEFORE TAX	5.070	6.635	7.415

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	33.05	39.40	45.25
Return on Investment (ROI) (PBT/Networth)		(3.77)	1.79	0.67
Debt Equity Ratio (Total Liability/Networth)		(11.40)	3.53	0.48
Current Ratio (Current Asset/Current Liability)		3.47	276.20	2.62

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office of the company has been shifted from Building No. 5/14, Edacheril House, Kuzhiara P.O., Chottanikkara, Ernakulam-682312, Kerala, India to the present address w.e.f. 15.04.2009.

FINANCIAL RESULTS:

Due to practical problems in storage and transportation and also non exploitation of market has resulted in a low margin on the sale of cakes. Thus the company has incurred loss during this financial year also amounting to Rs.5.070 millions after depreciation, administration and all other expenditures. The accumulated loss as on 31.03.2011 is Rs.23.181 millions. However the directors are confident of earning surplus or touching break even at least during the year with improved business strategies.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10045891
Corporate identity number of the company	U15499KL2005PTC018855
Name of the company	REIMANNS FINE FOODS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Building No. 5/14, Edacheril House, Kuzhiara P.O., Chottanikkara, Ernakulam-682312, Kerala, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property
Particular of charge holder	The South Indian Bank Limited, Overseas Branch, Civil Line, Bye Pass Junction, Palarivattom, Ernakulam-682028, Kerala, India
Email	br0311@sib.co.in
Nature of description of the instrument creating or modifying the charge	1. Agreement of hypothecation. 2. Letter confirming deposit of title deeds.
Date of instrument Creating the charge	08.09.2007
Amount secured by the charge	Rs.6.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR:15% Terms of Repayment CCOL in 12 months Margin 25% Extent and Operation of the charge 1. Hypothecation of plant and machinery valued at Rs 6.573 Millions and all receivables book debts etc present and future. 2. EM of land admeasuring 0.40acres in Sy. no. 508 part Mazhuvannur Village, Kunnathunadu Taluk together with all buildings present and future. 3. Hypothecation of RM, WIP, FG as per stock statement.
Short particulars of the property charged	1. Hypothecation of plant and machinery valued at Rs 6.573 Millions and all receivables book debts etc present and future. 2. EM of land admeasuring 0.40acres in Sy. no. 508 part Mazhuvannur Village, Kunnathunadu Taluk together with all buildings present and future. 3. Hypothecation of RM, WIP, FG as per stock statement.
Particulars of the present modification	An additional CCOL limit of Rs 1.000 Millions extended- total limit increased from Rs 5.000 Millions to Rs 6.000 Millions.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fittings

· Vehicles

· Office Equipments

· Electrical Fittings

· Computer and Accessories

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.52.23
UK Pound	1	Rs.80.84
Euro	1	Rs.66.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		17

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.