MIRA INFORM REPORT

Report Date :

14.01.2012

IDENTIFICATION DETAILS

Name :	GAJUMAL MULCHAND FRUITS PRIVATE LIMITED
Registered Office :	24, New Fruit Market Naroda Road, Ahmadabad - 380025, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.03.1997
Com. Reg. No.:	04-031978
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U15499GJ1997PTC031978
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of Fruits Commission Agent
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 63000
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 :	24, New Fruit Market Naroda Road, Ahmadabad - 380025, Gujarat, India
Tel. No.:	91-79-22204120 / 22204122
Fax No. :	91-79-22204993
E-Mail :	gm_fruits@yahoo.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Ramchand Gajumal Wadhwa
Designation :	Director
Address :	9/A, Shrinagar Society, B/H. Telecom Colony, Bhairavnath Road, Maninagar, Ahmadabad – 380 022, Gujarat, India
Date of Birth/Age :	06.11.1961
Date of Appointment :	26.03.1997
DIN :	00431833
Name :	Mr. Dhiraj Ramchand Vadhwa
Designation :	Director
Address :	9/A, Shrinagar Society, B/H. Telecom Colony, Bhairavnath Road, Maninagar, Ahmadabad - 380 022, Gujarat, India
Date of Birth/Age :	26.12.1982
Date of Appointment :	01.11.2000
DIN :	00432155
Name :	Mr. Vishal Ramchand Vadhwa
Designation :	Director
Address :	9/A, Shrinagar Society, B/H. Telecom Colony, Bhairavnath Road, Maninagar, Ahmadabad - 380 022, Gujarat, India
Date of Birth/Age :	24.12.1984
Date of Appointment :	05.03.2007
DIN :	01828052
Name :	Mr. Lakhmichand Gajumal Wadhwa
Designation :	Director
Address :	9/A, Shrinagar Society, B/H. Telecom Colony, Bhairavnath Road, Maninagar, Ahmadabad - 380 022, Gujarat, India
Date of Birth/Age :	05.02.1951
Date of Appointment :	26.03.1997
DIN :	00432300

KEY EXECUTIVES

Name :	Mr. Kanaiyalal Gajumal Wadhwa
Designation :	Manager
Address :	9/A, Shreenagar Society, Bhairavnath Road, Nr. Kankaria, Maninagar, Ahmedabad – 380008, Gujarat, India
Date of Birth/Age :	15.08.1963
PAN :	AAIPW3502D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Lakhmichand Gajumal Vadhwa	2760
Barkha Chandwani	100
Ramchand Gajumal HUF Vishal Ramchand	1310
Hemandas Alkhdinomal C/O H.B. Traders	100
Dhiraj Ramchand HUF Dhiraj Ramchand Vadhwa	1100
Kanaiyala Gajumal HUF Srunali Kanaiyalal Vadhwa Ansita Kanaiyalal	1300
Gajumal Mulchand HUF	81000
Lakhmichand Gajumal HUF	1600
Gajumal Family Trust Vadhwa Family Trust Shantaben Family Trust	100010
Mohiniben Lakhmichand	1100
Ashmi Dhiraj Vadhwa	15000
Sunita Kanaiyalal Vadhwa	21100
Aartiben Ramchand Vadhwa	21100
Ramchand Gajumal Vadhwa	1000
Kaniyalal Gajumal Vadhwa	1000
Rajivbhai R. Rajiv Brothers and company	80

AS ON 30.09.2011

Equity Share Breakup Category	Percentage
Directors or relatives of Directors	99.80
Other top fifty shareholders	0.20
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of Fruits Commission Agent.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India

· The Vijay Cooperative Bank

· The Sindh Mer. Bank Limited

· Jammu and Kashmir Bank

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
HDFC Bank Limited (Secured against hypothecation of stock, book debts, other current receivable and personal guarantee of directors of the director of the company and further secured by way of equitable mortgage of personal properties of directors and relatives of directors)	79.609	89.582
Total	79.609	89.582
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	14.619	14.092
From Shareholders and Relatives of Directors	79.796	70.083
Total	94.415	84.175

Banking Relations :	--
Auditors :
Name :	Khimani and Company Chartered Accountants
Address :	222/1, Opposite Kadia Building, Rajaji Ni Pole, Shahpur, Ahmadabad – 380001, Gujarat, India
PAN :	ASBPK1984G

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs.10/- each	Rs.2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.417	9.861	6.936
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.917	12.361	9.436
LOAN FUNDS
1] Secured Loans		79.609	89.582	27.976
2] Unsecured Loans		94.415	84.175	101.016
TOTAL BORROWING		174.024	173.757	128.992
DEFERRED TAX LIABILITIES		0.001	0.000	0.000
TOTAL		189.942	186.118	138.428
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.999	2.361	1.252
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.005	0.005	0.005
DEFERREX TAX ASSETS		0.000	0.166	0.163
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	150.307	116.813	86.922
	Cash & Bank Balances	6.336	6.714	8.951
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	100.037	78.463	63.368
Total Current Assets		256.680	201.990	159.241
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	77.260	16.927	21.178
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.482	1.477	1.065
Total Current Liabilities		78.742	18.404	22.243
Net Current Assets		177.938	183.586	136.998
MISCELLANEOUS EXPENSES		0.000	0.000	0.010
TOTAL		189.942	186.118	138.428

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	149.700	0.000	0.000
		Income from Operations	30.346	30.553	21.781
		Other Income	0.087	0.100	6.692
		TOTAL (A)	180.133	30.653	28.473
Less	EXPENSES
		Purchases	142.966	0.000	0.000
		Direct Expenses	1.979	1.880	1.591
		Employment Costs	4.638	3.286	2.715
		Administrative and General Expenses	2.496	2.583	2.090
		Business Loss / Bad Debts	0.00	0.000	6.144
		Director’s Remuneration	1.416	1.416	1.279
		Preliminary Expenses W/Off	0.000	0.011	0.011
		TOTAL	153.495	9.175	13.830
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		26.638	21.478	14.643
Less	FINANCIAL EXPENSES (D)		20.295	16.499	11.264
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.343	4.979	3.379
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.133	0.516	0.412
	PROFIT BEFORE TAX (E-F) (G)		5.210	4.463	2.967
Less	TAX (I)		1.654	1.538	0.955
	PROFIT AFTER TAX (G-I) (J)		3.556	2.925	2.012
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.318	0.393	0.381
Less	APPROPRIATIONS
		Transfer to General Reserve	(2.000)	(2.000)	(2.000)
	BALANCE CARRIED TO THE B/S		2.874	1.318	0.393
	Earnings Per Share (Rs.)		14.22	6.15	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.97	9.54	7.07
Net Profit Margin (PBT/Sales)	(%)	3.48	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.94	2.18	1.85
Return on Investment (ROI) (PBT/Networth)		0.33	0.36	0.31
Debt Equity Ratio (Total Liability/Networth)		15.88	15.54	16.03
Current Ratio (Current Asset/Current Liability)		3.26	10.97	7.16

LOCAL AGENCY FURTHER INFORMATION

Future Prospects : The company expects that the market of their product will improve in the near future.

FORM 8

Corporate identity number of the company	U15499GJ1997PTC031978
Name of the company	GAJUMAL MULCHAND FRUITS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	24 New Fruit Market, Naroda Road, Ahmadabad, Gujarat, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10163060
Type of charge	Movable Property Book Debts Floating Charges
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Email : rbbform8@hdfcbank.com
Nature of instrument creating charge	Supplementary Letter of Hypothecation
Date of instrument Creating the charge	16.12.2011
Amount secured by the charge	Rs. 250.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate as may be communicated 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 Hypothecation by way of First Charge on Company's Stocks, Book Debts, other current assets, etc, to secure as a continuing security as mentioned in Column No.15 below for the repayment of Rs.250.000 millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property charged (Including location of the property)	Stock-in-Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties. All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights
Date of last modification prior to the present modification	31.05.2010
Particulars of the present modification	The charge shall now stand increased from Rs.180.000 millions to Rs.250.000 millions against the security of stocks, book debts and other current assets of the company.

Corporate identity number of the company	U15499GJ1997PTC031978
Name of the company	GAJUMAL MULCHAND FRUITS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	24 New Fruit Marketnaroda Road, Ahmadabad, Gujarat, INDIA
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	HDFC BANK LIMITED, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Nature of instrument creating charge	Memorandum Recording Past Transactions of Creation of Mortgage by Deposit of Title Deeds.
Date of instrument Creating the charge	30/06/2010
Amount secured by the charge	Rs. 180.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate as may be communicated 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 created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No.15 as security for the due repayment of Rs.180.000 millions by the Company, including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc. Other Nil
Short particulars of the property charged (Including location of the property)	Shop No.24, admeasuring 87.22 sq. mtrs in the Anant Cooperative Industrial Estate Limited, on the land bearing Final Plot No.48/P, 50, 52 Shop No.34, admeasuring 87.22 sq. mtrs in the Anant Cooperative Industrial Estate Limited, on the land bearing Final Plot No.48/P, 50, 52 Shop No.86, admeasuring 87.22 sq. mtrs in the Anant Cooperative Industrial Estate Limited, on the land bearing Final Plot No.48/P, 50, 52 and 65 all paiki Shop No.87, admeasuring 96.99 sq. mtrs. in the Anant Cooperative Industrial Estate Limited, on the land bearing Final Plot No.48/P, 50, 52 and 65 all paik Plot No. A/9 (paiki) admesuring 286 sq. yard, together with superstructure being Basement, Ground Floor, Second Floor Cabin, Scheme known as "G.M Complex"

FIXED ASSETS :

· Vehicles

· Electrical Equipments

· Computer

· Furniture and Fixtures

· Office Equipments

· Telecom Equipments

· Air Conditioners

· Generators

WEBDETAILS

Company Profile

50 Years of Fresh and Growing Business.

Collective Experience of over 100 Man-years, A Seasoned Team of 10000 Growers, they have only Grown Better and Better First founded as a partnership firm in 1956 we went on to harness varied experience in the business of fresh fruits supply. Throughout their journey have kept their perspectives and observations always fresh to become an expert merchant in the supply of fresh fruits produce. The firm turned a Private Limited enterprise in April 1997.

Combining their experience with nationwide exposure in fresh fruits, they have practiced this business of perishable goods with performing returns. Coming this far as an established merchant identity they have following attributes towards their success.

• Unflinching Subscription to Quality.
• Understanding of Trade Dynamics.
• Careful Selection of Growers and other Trade Personnel.
• Constant Supervision of Changing Times.
• Massive Efforts on Creating Nationwide Network for Tapping Strategic Markets with Best Value.
• Planned Investments in Infrastructure Development including Cold Storage and Warehouses.

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.51.43
UK Pound	1	Rs.79.10
Euro	1	Rs.66.17

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	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	No
--AFFILIATION	YES/NO	No
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		45

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.