MIRA INFORM REPORT

Report Date :

30.07.2012

IDENTIFICATION DETAILS

Name :	SHREE BALAJI GUMS AND SPICS STUFF PRIVATE LIMITED
Formerly Known As :	SHREE BALAJI SPICS STUFF PRIVATE LIMITED
Registered Office :	170/172, Samuel Street, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.05.1993
Com. Reg. No.:	11-071963
Capital Investment / Paid-up Capital :	Rs.6.000 Millions
CIN No.: [Company Identification No.]	U15495MH1993PTC071963
TAN No.: [Tax Deduction & Collection Account No.]	MUMS14352C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, Processing and Exporter of Spices and Gums.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealing 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 – 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

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	170/172, Samuel Street, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-3780151/ 23455151/ 40985151
Fax No.:	91-22-3738728
E-Mail :	sbslaxmi@vsnl.com

DIRECTORS

(AS ON 23.09.2011)

Name :

Mr. Ratansey Hirjee Maskai

Designation :

Director

Date of Appointment :

13.05.1993

DIN No.:

00336302

Name :

Mr. Nitin Ratansey Maskai

Designation :

Director

Date of Appointment :

13.05.1993

DIN No.:

00336531

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U67190MH1989PTC051120	HINA ASSOCIATE CONSULTANTS PRIVATE LIMITED	Director	23/03/1989	23/03/1989	Active	NO
2	U65990MH1989PTC051187	MASKAI FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	29/03/1989	29/03/1989	Active	NO
3	U15495MH1993PTC071963	SHREE BALAJI GUMS AND SPICE STUFF PRIVATE LIMITED	Director	13/05/1993	13/05/1993	Active	NO

Name :

Mrs. Hina Nitin Maskai

Designation :

Director

Date of Appointment :

30.03.1994

DIN No.:

00336598

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U67190MH1989PTC051120	HINA ASSOCIATE CONSULTANTS PRIVATE LIMITED	Managing director	23/03/1989	23/03/1989	Active	NO
2	U65990MH1989PTC051187	MASKAI FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	29/03/1989	29/03/1989	Active	NO
3	U15495MH1993PTC071963	SHREE BALAJI GUMS AND SPICE STUFF PRIVATE LIMITED	Director	30/03/1994	30/03/1994	Active	NO

Name :

Mr. Nayan Madhusudan Maskai

Designation :

Director

Date of Appointment :

13.05.1993

DIN No.:

00336642

Name :

Mr. Bharat Ratansey Maskai

Designation :

Director

Date of Appointment :

13.05.1993

DIN No.:

00336667

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U67190MH1989PTC051120	HINA ASSOCIATE CONSULTANTS PRIVATE LIMITED	Director	23/03/1989	23/03/1989	Active	NO
2	U15495MH1993PTC071963	SHREE BALAJI GUMS AND SPICE STUFF PRIVATE LIMITED	Managing director	13/05/1993	13/05/1993	Active	NO

Name :

Mrs. Trupti Bharat Maskai

Designation :

Director

Date of Appointment :

30.03.1994

DIN No.:

00336712

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 23.09.2011)

Names of Shareholders	No. of Shares
Ratansey Hirjee Maskai	10
Ratansey Hirjee Maskai Jointly With Kamala Ratansey Maskai	74990
Bharat Ratansey Maskai Jointly With Trupti Bharat Maskai	60000
Nayan Madhusudan Maskai Jointly With Madhuri Madhusudan Maskai	50000
Nitin Ratansey Maskai Jointly With Hina Nitin Maskai	50000
Kamala Ratansey Maskai Jointly With Ratansey Hirjee Maskai	20000
Ratansey Hirjee Maskai	100000
Kirit Kumar Pathak	127500
Mannk Foods (India) Private Limited	117500
Total	600000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	23.50
Directors or relatives of directors	51.00
Other top fifty shareholders	25.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Processing and Exporter of Spices and Gums.

Products :

Products Description	Item Code No.
Chillies	09042010
Chili Powder	09042020
Coriander	91099921

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Gum	MT	NA	500
Spice	MT	NA	1200

NOTE:

The installed capacity is as certified by the management and not verified by the auditors it being technical matter.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Central Bank of India

Mandvi Branch, Jenabai Building, Yusuf Meherali Road, Mandvi, Mumbai - 400003, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Packaging credit loan from CentralBank of India in Rupees (Secured against hypothecation of stock and personal guarantee by the director)	6.200	9.250
Packaging Credit loan from Central Bank of India in Foreign Currency (Secured against hypothecation of stock and personal guarantee by the director)	4.363	10.231
Total	10.563	19.481
NOTE: Amount Repayable within one year Rs.10.563 Millions (Previous Year Rs.19.481 Millions)
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	0.000	1.698
Total	0.000	1.698

Banking Relations :	--
Auditors :
Name :	Jitendra Sanghavi and Company Chartered Accountant
Address :	405, Churchgate Chambers, 5 Marine Lanes, Mumbai – 400020, Maharashtra, India
Tel No.:	91-22-22625000
Fax No.:	91-22-22625010
PAN No.:	AAHFJ1944M
Email :	jsco@jitendrasanghavi.com
Parties Where Control Exists :	· Laxmi Enterprises · Pragji Mulji and Company · Laxmi Enterprises (Gum Division) · Maskai Financial Consultancy Private Limited

CAPITAL STRUCTURE

(AS ON 23.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions
100000	7% Non-Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.1.000 Million
	Total		Rs.6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions
100000	7% Non-Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.1.000 Million
	Total		Rs.6.000 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		6.000	6.000	6.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		28.580	27.034	27.107
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.580	33.034	33.107
LOAN FUNDS
1] Secured Loans		10.563	19.481	29.059
2] Unsecured Loans		0.000	1.698	0.000
TOTAL BORROWING		10.563	21.179	29.059
DEFERRED TAX LIABILITIES		0.322	0.384	0.450
TOTAL		45.465	54.597	62.616
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.249	16.021	17.099
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	9.373	20.430	27.239
	Sundry Debtors	2.557	5.392	7.723
	Cash & Bank Balances	15.983	8.772	7.602
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.881	7.821	11.438
Total Current Assets		35.794	42.415	54.002
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	2.742	2.606	4.615
	Other Current Liabilities	0.829	0.000	0.465
	Provisions	2.007	1.233	3.407
Total Current Liabilities		5.578	3.839	8.487
Net Current Assets		30.216	38.576	45.515
MISCELLANEOUS EXPENSES		0.000	0.000	0.002
TOTAL		45.465	54.597	62.616

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	115.723	102.421	113.029
		Other Income	0.823	1.291	4.613
		TOTAL (A)	116.546	103.712	117.642
Less	EXPENSES
		TOTAL (B)	111.678	103.346	112.788
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.868		4.854
Less	FINANCIAL EXPENSES (D)		1.151		1.449
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.717	(Including Financial Expenses and Depreciation)	3.405
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.184		1.321
	PROFIT BEFORE TAX (E-F) (G)		2.533	0.366	2.084
Less	TAX (H)		0.838	0.110	1.166
	PROFIT AFTER TAX (G-H) (I)		1.695	0.256	0.918
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.859	NA	19.121
Less	Taxes for earlier Years		0.068	NA	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	NA	0.025
		Proposed Dividend	0.070	NA	0.070
		Tax on Dividend	0.011	NA	0.012
	BALANCE CARRIED TO THE B/S		21.405	NA	19.932
	EARNINGS IN FOREIGN CURRENCY		110.809	96.133	NA
	Earnings Per Share (Rs.)		3.09	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.45	0.25	0.78
Net Profit Margin (PBT/Sales)	(%)	2.19	0.36	1.84
Return on Total Assets (PBT/Total Assets}	(%)	4.96	0.63	2.93
Return on Investment (ROI) (PBT/Networth)		0.07	0.01	0.06
Debt Equity Ratio (Total Liability/Networth)		0.47	0.76	1.13
Current Ratio (Current Asset/Current Liability)		6.42	11.05	6.36

LOCAL AGENCY FURTHER INFORMATION

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	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
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	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Passport No of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No

PERFORMANCE HIGHLIGHTS

Due to recession prevailing in the economy, the turnover of the company was stagnant. However due to effective control over the expenditure, the profitability of the company has improved considerably. Due to improvement in liquidity, the company proposed to redeem the preference shares.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Export Bills discounted with banks Rs.10.256 Millions (Previous year Rs.10.652 Millions)

FIXED ASSETS:

· Air Conditioners

· Cold Storage Plant

· Computers

· Electrical Installation

· Electrical Lift

· Factory Building

· Fax Machine

· Furniture and Fixture

· Laboratory Equipment

· Office Equipments

· Telephone Systems

· Typewriters

· Water Cooler

· Washing Machine

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.55.41
UK Pound	1	Rs.86.93
Euro	1	Rs.68.10

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.