MIRA INFORM REPORT

Report Date :

25.07.2012

IDENTIFICATION DETAILS

Name :	GAGAR FOODS PRIVATE LIMITED
Registered Office :	Block No.1984, At Wamaj, Taluka Kadi, Mehsana - 382721, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.03.2007
Com. Reg. No.:	04-50352
Capital Investment / Paid-up Capital :	Rs.3.000 millions
CIN No.: [Company Identification No.]	U15132GJ2007PTC050352
TAN No.: [Tax Deduction & Collection Account No.]	AHMG03328D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Mayonnaise Soyamilk, Mix Fat Spread etc.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 11000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated loss recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre business dealing 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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. Pragnesh Patel
Designation :	Director
Contact No.:	91-9909235444
Date :	17.07.2012

LOCATIONS

Registered Office /Factory :	Block No.1984, At Wamaj, Taluka Kadi, Mehsana-382721, Gujarat, India
Tel. No.:	91-2764-291803
Mobile No.:	91-9909235444 (Mr. Pragnesh Patel)
Fax No.:	Not Available
E-Mail :	gagarfoo@yahoo.co.in gagarfoodspvtltd@gmail.com
Website :	www.gagarfoods.com
Area :	3500 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Babubhai Gandalal Patel
Designation :	Director
Address :	7/32, Soni Vas At and Post Thol, Taluka-Kadi, Mehsana, Gujarat-382 721, India
Date of Birth/Age :	01.06.1950
Date of Appointment :	28.03.2007
DIN No.:	01192938
Name :	Mr. Pragneshkumar Babubhai Patel
Designation :	Director
Address :	7/32, Soni Vas At and Post Thol, Taluka-Kadi, Mehsana, Gujarat-382 721, India
Date of Birth/Age :	30.10.1978
Date of Appointment :	28.03.2007
DIN No.:	01412452
Name :	Mr. Jigneshkumar Babubhai Patel
Designation :	Director
Address :	11-B, Lal Bahadur Shastry Nagar Society, Near Ambika Nagar Bus Station, Kadi, Gujarat-382 721, India
Date of Birth/Age :	07.07.1974
Date of Appointment :	28.03.2007
DIN No.:	01192997

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Gandalal Babubhai Patel	155000
Jigneshkumar Babubhai Patel	32500
Pragneshkumar Babubhai Patel	82500
Shradaben Babubhai Patel	10000
Ranchodbhai S. Patel	10000
Kirtidaben P. Upadhyay	10000
Total	300000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Mayonnaise Soyamilk, Mix Fat Spread etc.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Mayonnaise	Kgs	NA	NA	1962.00

GENERAL INFORMATION

Suppliers :

Adhani Vilman Limited

Customers :

Wholesalers

· Jain Dairy

No. of Employees :

20 (Approximately)

Bankers :

· Bank of India, Kalol Branch, Near Vepari Jin, Kaloa - 382721, Gujarat, India

· Axis Bank

Facilities :

Cash and Credit Rs.5.000 millions and TL – 3.500 Millions from Bank of India

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
A. Term Loan
From Bank
- Bank of India TL - 22	0.393	0.725
- Bank of India TL - 23	0.036	0.285
- Bank of India TL - 25	0.263	0.334
- Bank of India TL – 26 (Secured by hypothecation of plant and machinery)	3.714	0.000
B. Cash Credit
- Bank of India CC 08	1.068	0.176
- Bank of India CC 09 (Secured by hypothecation of current assets)	2.673	3.217
Total	8.147	4.737
UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Director	4.624	3.645
From Share Holder	0.634	0.565
Total	5.258	4.210

Banking Relations :	--
Auditors :
Name :	Pandit Shah and Vakil Chartered Accountants
Address :	416, Anand Mangal Complex - 1, B/H Omkar House, C. G. Road, Navrangpura, Ahmedabad- 380009, Gujarat, India
Tel. No.:	91-79-26469038/ 26469039
E-Mail :	panditshahvakil@yahoo.com
PAN.:	AADFP5855F

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 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		3.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.625	0.439
4] (Accumulated Losses)		(0.046)	0.000	0.000
NETWORTH		2.954	2.625	2.439
LOAN FUNDS
1] Secured Loans		8.147	4.737	6.787
2] Unsecured Loans		5.258	4.210	3.220
TOTAL BORROWING		13.405	8.947	10.007
DEFERRED TAX LIABILITIES		0.000	0.035	0.019
TOTAL		16.359	11.607	12.465
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.655	3.704	3.528
Capital work-in-progress		7.908	2.320	2.319
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.031	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.445	3.885	5.651
	Sundry Debtors	3.000	1.721	1.257
	Cash & Bank Balances	0.277	0.585	0.569
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.663	0.486	0.361
Total Current Assets		6.385	6.677	7.838
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.436	1.104	1.240
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.227	0.035	0.046
Total Current Liabilities		1.664	1.139	1.286
Net Current Assets		4.721	5.538	6.552
MISCELLANEOUS EXPENSES		0.044	0.045	0.066
TOTAL		16.359	11.607	12.465

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	28.655	22.446	14.810
		Other Income	0.045	0.011	0.000
		TOTAL (A)	28.700	22.457	14.810
Less	EXPENSES
		Manufacturing and Other Expenses	25.432	18.065	14.827
		Preliminary expenses written off	0.026	0.021	0.021
		Increase/ Decrease in Stock	2.155	2.163	(2.322)
		TOTAL (B)	27.613	20.249	12.526
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.087	2.208	2.284
Less	FINANCIAL EXPENSES (D)		1.190	1.185	0.992
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.103)	1.023	1.292
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.633	0.688	0.532
	PROFIT BEFORE TAX (E-F) (G)		(0.736)	0.335	0.760
Less	TAX (I)		(0.066)	0.150	0.166
	PROFIT AFTER TAX (G-I) (J)		(0.670)	0.185	0.594
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.624	0.439	(0.156)
	BALANCE CARRIED TO THE B/S		(0.046)	0.624	0.439
	Earnings Per Share (Rs.)		(2.23)	0.93	2.97

Particulars	31.03.2012
Sales Turnover (Approximately)	37.500

Expected Sales (2012-2013): Rs.50.000 millions

The above information has been parted by Mr. Pragnesh Patel.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(2.33)	0.82	4.01
Net Profit Margin (PBT/Sales)	(%)	(2.57)	1.49	4.01
Return on Total Assets (PBT/Total Assets}	(%)	(7.33)	3.22	6.69
Return on Investment (ROI) (PBT/Networth)		(0.24)	0.13	0.31
Debt Equity Ratio (Total Liability/Networth)		5.10	3.84	4.63
Current Ratio (Current Asset/Current Liability)		3.84	5.86	6.09

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	Yes
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	Yes
18) Major customers	Yes
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

Bankers Charges Report as per Registry

Corporate identity number of the company	U15132GJ2007PTC050352
Name of the company	GAGAR FOODS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Block No.1984, At Wamaj, Taluka Kadi, Mehsana - 382721, Gujarat gagarfoo@yahoo.co.in
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Bank of India, Kalol Branch, Near Vepari Jin, Kaloa - 382721, Gujarat, India kalol.gandhinagr@bankofindia.co.in
Nature of instrument creating charge	Hypothecation cum Loan Agreement (Plant and Machinery)
Date of instrument Creating the charge	03.02.2011
Amount secured by the charge	Rs.4.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 4% over BOI Base Rate + 0.50% tenor premium, Presently 14% p.a. with monthly rests. Terms of Repayment Term Loan amount Rs. 4.500 millions repayable in 60 monthly installments of Rs. 0.075 million each plus interest charged periodically commencing from April, 2011. Margin 27.67% Extent and Operation of the charge Term Loan for Plant & Machinery = Rs. 4.500 millions plus Interest and other charges from time to time.
Short particulars of the property charged	Hypothecation of all tangible movable assets including in particular stock of tangible movable Plant and Machinery such as margarine wrapping machine ARM with Auger and High pressure homogeneous etc.

FIXED ASSETS:

· Machinery

· Equipments

· Air Conditioner

· Can Purchase

· Computer

· Vehicle

· Cycle Purchase

· Furniture

TRADE REFERENCES:

· Adhani Vilman Limited

· Jain Dairy

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.55.38
UK Pound	1	Rs.86.75
Euro	1	Rs.67.06

INFORMATION DETAILS

Information Gathered by :	SVA
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	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.