MIRA INFORM REPORT

Report Date :

03.07.2012

IDENTIFICATION DETAILS

Name :	JEET (INDIA) LIMITED (w.e.f.11.06.2009)
Formerly Known As :	JEET (INDIA) PRIVATE LIMITED
Registered Office :	4384/ 4A, 1^st Floor, Tulsidass Street, Darya Ganj, New Delhi - 11002
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.03.1990
Com. Reg. No.:	55-129652
Capital Investment / Paid-up Capital :	Rs.17.118 millions
CIN No.: [Company Identification No.]	U15495DL1990PLC129652
TAN No.: [Tax Deduction & Collection Account No.]	DELJ04746A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Food Products.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 235000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. Profitability is under severe pressure. 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 – 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

INFORMATION PARTED BY

Name :	Mr. Kuldeep
Designation :	Accountant
Contact No.:	91-120-3077179
Date :	26.06.2012

LOCATIONS

Registered Office :	4384/ 4A, 1^st Floor, Tulsidass Street, Darya Ganj, New Delh - 110002i, India
Tel. No.:	Not Available
Mobile No:	91-9871903288 (Mr. Jatin Agarwal)
Fax No.:	Not Available
E-Mail :	info@jeet_india.com agarwal_sanjay_ca@yahoo.co.in
Website :	http://www.jeet_india.com
Location:	Owned
Corporate Office / Factory :	Plot-A/163, Sector-80, Phase-II, Noida - 201305, Uttar Pradesh, India
Tel. No.:	91-120-3077177/178/179
Fax No.:	91-120-3077181
Location:	Owned
Branch Office:	· Haryana · Rajasthan · Maharashtra

DIRECTORS

As on 30.09.2011

Name :

Mr. Praveen Kumar

Designation :

Whole-time director

Address :

4384/4A 1^st Floor, Tulsidass Street, Ansari Road, Daryaganj, Agra – 110002, Delhi, India

Date of Birth/Age :

18.12.1958

Date of Appointment :

04.10.2004

DIN No.:

00516806

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15433UP1997PTC022914	JEET FRAGRANCE PRIVATE LIMITED	Director	1/12/1997	1/12/1997	-	Active	NO
2	U92199UP2000PLC025216	SEA-PEARL REJOICERS LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
3	U29309DL2002PTC117497	P AND J HOME APPLIANCES PRIVATE LIMITED	Director	28/10/2002	28/10/2002	-	Active	NO
4	U15495DL1990PLC129652	JEET (INDIA) LIMITED	Whole-time director	4/10/2004	4/10/2004	-	Active	NO
5	U72200UP2007PTC032926	JEET INFO-TECHNOLOGIES PRIVATE LIMITED	Director	27/02/2007	27/02/2007	-	Strike off	NO
6	U52100UP2007PTC033403	SAFFRON RETAILS PRIVATE LIMITED	Director	1/6/2007	1/6/2007	-	Strike off	NO
7	U74899DL1990PTC039625	SLAB FINANCE AND INVESTMENT PRIVATE LIMITED	Director	20/05/2009	20/05/2009	-	Active	NO

Name :

Mrs. Sneha Agarwal

Designation :

Director

Address :

3/51B Bharatpur, Agra – 201301, Uttar Pradesh, India

Date of Birth/Age :

11.10.1963

Date of Appointment :

04.10.2004

DIN No.:

00091077

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15433UP1997PTC022914	JEET FRAGRANCE PRIVATE LIMITED	Director	1/12/1997	1/12/1997	-	Active	NO
2	U29309DL2002PTC117497	P AND J HOME APPLIANCES PRIVATE LIMITED	Director	28/10/2002	28/10/2002	-	Active	NO
3	U15495DL1990PLC129652	JEET (INDIA) LIMITED	Director	4/10/2004	4/10/2004	-	Active	NO
4	U51109WB2005PTC101355	ARION VYAPAR PRIVATE LIMITED	Director	10/5/2008	10/5/2008	2/2/2009	Active	NO
5	U74899DL1990PTC039625	SLAB FINANCE AND INVESTMENT PRIVATE LIMITED	Director	20/05/2009	20/05/2009	-	Active	NO

Name :

Mr. Jatin Agarwal

Designation :

Director

Address :

3/51b, Bharatpur, Agra – 201301, Uttar Pradesh, India

Date of Birth/Age :

16.12.1985

Date of Appointment :

01.05.2009

DIN No.:

02176272

Other directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51109WB2005PTC101355	ARION VYAPAR PRIVATE LIMITED	Director	10/5/2008	10/5/2008	2/2/2009	Active	NO
2	U15495DL1990PLC129652	JEET (INDIA) LIMITED	Director	1/5/2009	1/5/2009	-	Active	NO
3	U72300UP2009PTC037402	FLOECO INDIA PRIVATE LIMITED	Director	20/05/2009	20/05/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kuldeep
Designation :	Accountant
Contact No.:	91-120-3077179

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Praveen Kumar	9700
Ravindra K.Singhal	4150
Sneha Agarwal	87900
Yogendra K.Singhal	2685
Mahavir Pd. Singhal	4342
Meena Singhal	1750
Sapna Singhal	1650
Shashi Agarwal	200
Rakesh Agarwal	200
Ishwari pd. Garg	250
Shekhar Mittal	6600
Sanjay Goyal	100
Chanchal Goyal	100
Rajni Agarwal	8100
Virendra K. Agarwal	2685
Neelam Mittal	5814
Sunita Garg	100
Kishan Babu	100
Praveen Kumar Singhal	2442
Yogendra Kumar Singhal	550
Ravindra Kumar Singhal	50
Jatin Agarwal	13182
Parag Agarwal	10000
Deepa Singhal	6000
Shanker Paint & Chemical Private Limited, India	2500
Nikhil Singhal	10
Manya Singhal	10
Sachin Singhal	10
Total	171180

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	1.46
Directors or relatives of Directors	98.54
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Food Products.
Products :	· Haldi · Black Pepper · Jeera · Dhania · Red Chilly · Amchur · Methi · Chat Masala · Chana Masala · Garam Masala · Sambhar Masala · Meat Masala · Razma Masala · Tandoori Chicken Masala · Raita Masala · Curry Masala · Pav Bhaji Masala · Tadka Mirch · Lal Mirch Powder
Terms :
Selling :	Credit (30 Days) / Advance
Purchasing :	Credit (30 Days) / Advance

PRODUCTION STATUS(As on 31.03.2011)

Particulars	Unit	Opening Stock	Actual Production
Spice	Kgs	44301.5	83460.52
Oil and Ghee	Kgs	1441.1	--
Pan Masala	Kgs	917.360	131292.211

GENERAL INFORMATION

Customers :

Distributors

No. of Employees :

200 (Approximately)

Bankers :

· ICICI Bank Limited

· HDFC Bank, Noida, Uttar Pradesh, India

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

Facilities :

Cash and Credit Rs.35.000 millions From HDFC Bank

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
HDFC – Term Loan (Secured against Lund. Building, Plant and Machinery)	8.261	12.571
ICICI Bank Limited – Car Loan (Secured against vehicle)	0.000	0.054
HDFC Bank - Car Loan (Secured against vehicle)	0.313	0.422
HDFC - cash credit Secured against hypothecation Stuck and Book Debts)	41.209	39.200
Total	49.783	52.247
UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loan and Deposits From Director	76.988	71.216
Inter Corporate Deposit	9.847	8.104
Total	86.835	79.320

Banking Relations :	--
Auditors :
Name :	Purushottam Agrawal and Company Chartered Accountants
Address :	401,4^th Floor,Maruti Plaza, Sanjay Place, Agra – 282002, Uttar Pradesh, India
Tel. No.:	91-562-4061528
Mobile No.:	91-9412180594
E-Mail :	agarwal_sanjay_ca@yahoo.co.in
PAN.:	AABFP2127Q

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
171180	Equity Shares	Rs.100/- each	Rs.17.118 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		17.118	17.118	17.118
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		41.799	42.136	39.625
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		58.917	59.254	56.743
LOAN FUNDS
1] Secured Loans		49.783	52.247	38.369
2] Unsecured Loans		86.835	79.320	61.889
TOTAL BORROWING		136.618	131.567	100.258
DEFERRED TAX LIABILITIES		1.963	1.505	0.383
TOTAL		197.498	192.326	157.384
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		109.961	112.019	121.579
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	32.799	29.324	25.471
	Sundry Debtors	44.592	43.442	25.471
	Cash & Bank Balances	2.521	0.741	2.610
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	43.423	40.917	23.790
Total Current Assets		123.335	114.424	77.342
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.632	20.925	29.785
	Other Current Liabilities	14.138	12.796	11.641
	Provisions	0.028	0.396	0.111
Total Current Liabilities		35.798	34.117	41.537
Net Current Assets		87.537	80.307	38.805
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		197.498	192.326	157.384

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	211.641	276.388	271.743
		Other Income	1.088	0.481	0.467
		TOTAL (A)	212.729	276.869	272.210
Less	EXPENSES
		Cost of Goods Sold	162.923	213.864	230.304
		Selling and Administrative Expenses	26.224	32.698	21.747
		TOTAL (B)	189.147	246.562	252.051
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.582	30.307	20.159
Less	FINANCIAL EXPENSES (D)		14.085	15.005	12.730
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.497	15.302	7.429
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.348	12.821	6.514
	PROFIT BEFORE TAX (E-F) (G)		0.149	2.481	0.915
Less	TAX (H)		0.486	1.630	0.280
	PROFIT AFTER TAX (G-H) (I)		(0.337)	0.851	0.635
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(10.551)	(11.402)	(12.037)
	BALANCE CARRIED TO THE B/S		(10.888)	(10.551)	(11.402)
	Earnings Per Share (Rs.)		1.97	4.97	Na

Particulars	31.03.2012
Sales Turnover (Approximately)	260.000

Expected Sales (2012-2013): Rs.300.000 millions

The above information has been parted by Mr. Kuldeep.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.16)	0.31	0.23
Net Profit Margin (PBT/Sales)	(%)	0.07	0.90	0.34
Return on Total Assets (PBT/Total Assets}	(%)	0.06	1.10	0.46
Return on Investment (ROI) (PBT/Networth)		0.00	0.04	0.02
Debt Equity Ratio (Total Liability/Networth)		2.93	2.80	2.50
Current Ratio (Current Asset/Current Liability)		3.44	3.35	1.86

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

PERFORMANCE:

This is the 21st year and the Company could not get the good business. However your directors hope to

transact good business and earn good profits in the years to come.

NOTE:

Subject was Incorporate in 1990 as a proprietory firm with name “Jeet India “in 2004 it converted in Private Limited. Now in 2009 it converted in to Limited company.

Bankers Charges Report as per Registry

Corporate identity number of the company	U15495DL1990PLC129652
Name of the company	JEET (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	4384/ 4A, 1^st Floor, Tulsidass Street, Darya Ganj, New Delhi, India agarwal_sanjay_ca@yahoo.co.in
This form is for
Charge identification (ID) number of the charge to be modified	10207237
Type of charge	Immovable property
Particular of charge holder	CIN L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India RBBform8@hdfcbank.com
Nature of instrument creating charge	Memorandum recording past transactions of creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	23.05.2011
Amount secured by the charge	Rs.108.000 millions
Brief particulars 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 Working Capital facility shall be payable on Demand Term Loan facility shall be repayable in suitable installments. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as security for repayment of Rs.108.000 millions by the Company, together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property charged	Immovable Property being Block - A - 163, Sector - 80, Noida Phase II.
Particulars of the present modification	The equitable mortgage/charge shall now stand increased from Rs.105.000 millions to Rs.108.000 millions in favour the Bank against the mortgage of immovable property being Block - A - 163, Sector - 80, Noida Phase II.

FIXED ASSETS

· Land and Building

· Plant and machinery

· Furniture and fixture

· Vehicles

· Computer

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.56.31
UK Pound	1	Rs.88.06
Euro	1	Rs.70.91

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.