MIRA INFORM REPORT

Report Date :

29.06.2012

IDENTIFICATION DETAILS

Name :	TIT BIT FOODS (INDIA) PRIVATE LIMITED (w.e.f.04.07.1996)
Formerly Known As :	BAGADE ROLLER FLOUR MILL PRIVATE LIMITED
Registered Office :	Plot No. A-55, T.T.C Industrial Area MIDC, Mahape Navi Mumbai – 400709, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.01.1991
Com. Reg. No.:	11-059829
Capital Investment / Paid-up Capital :	Rs.10.300 millions
CIN No.: [Company Identification No.]	U15310MH1991PTC059829
TAN No.: [Tax Deduction & Collection Account No.]	MUMT09062E
PAN No.: [Permanent Account No.]	AABCT3861G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Exporter of all type spices.
No. of Employees :	100 (Approximately)

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 239000
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

INFORMATION PARTED BY

Name :	Mr. Vijay Doshi
Designation :	Director
Contact No.:	91-9821043507
Date :	06.06.2012

LOCATIONS

Registered Office/ Factory :	Plot No. A-55, T.T.C Industrial Area MIDC, Mahape Navi Mumbai – 400709, Maharashtra, India
Tel. No.:	91-22-41612345/ 27780608/ 09
Mobile No.:	91-9821043507 (Mr. Vijay Doshi)
Fax No.:	91-22-27780612
E-Mail :	titbit@vsnl.com
Website :	http://www.titbitspices.com
Area :	40,000 Sq.ft
Location :	Owned

DIRECTORS

As on 23.09.2011

Name :	Mr. Vijay Mahendra Doshi
Designation :	Director
Address :	A- 102, Raheja Residency, Sector – 14, M.G. Complex Vashi, Thane – 400703, Maharashtra, India
Date of Birth/Age :	01.09.1972
Date of Appointment :	12.12.1994
DIN No.:	00195967
Name :	Mr. Nimesh Mahendra Doshi
Designation :	Director
Address :	A- 102, Raheja Residency, Sector – 14, M.G. Complex Vashi, Thane – 400703, Maharashtra, India
Date of Birth/Age :	14.12.1974
Date of Appointment :	08.01.2002
DIN No.:	00196422
Name :	Mr. Mahendra Dalichand Doshi
Designation :	Director
Address :	A- 102, Raheja Residency, Sector – 14, M.G. Complex Vashi, Thane – 400703, Maharashtra, India
Date of Birth/Age :	26.08.1946
Date of Appointment :	12.12.1994
DIN No.:	00131165

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders	No. of Shares
Mahendra D. Doshi	50070
Vijay M. Doshi	47009
Hansa M. Doshi	1300
Nimesh M. Doshi	600
D. S. Doshi (HUF)	1
Harsha D. Doshi	1
M. S. Doshi	1
M. D. Doshi (HUF)	1
Mukesh J Shah	1
Vipul B Gandhi	1
Bipin S Shah	1
Hiralaxmi S Shah	1
Charulal J Shah	1
Ashit J Shah	1
Praveen P Shah	1
Jayantilal F Shah	1
Madhkanta V Shah	1
Beena R Shah	1
Jayesh M Shah	1
Jayshree N Sanghvi	1
Manjula M Shah	1
Meena J Shah	1
Nayana N Doshi	1
Nikhil M Doshi	4000
Parita V Doshi	1
Manjula Navinchandra Shah	1
Total	103000

As on 23.09.2011

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 :

Manufacture and Exporter of all type Spices.

Products :

Production Description	Spices
Item code No.	903

Exports :

Products :

Spices

Countries :

· USA

· UK

· CANADA

· Africa

· Japan

· London

Terms :

Selling :

L/C / Cash / Credit

Purchasing :

L/C / Cash / Credit

GENERAL INFORMATION

Suppliers :

U.K Khimji

Customers :

Wholesalers and Retailers

· Fudco - London

No. of Employees :

100 (Approximately)

Bankers :

Oriental Bank of Commerce, Fort Branch, Jash Chambers, Sir. P.M.Road, Fort, Mumbai-400 001, Mumbai - 400001, Maharashtra, India

Facilities :

Cash and Credit Rs.90.000 millions from Oriental Bank of Commerce

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Secured Loan	64.223	31.963
Total	64.223	31.963
UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Unsecured Loan	26.314	21.694
Total	26.314	21.694

Banking Relations :	--
Auditors :
Name :	Gautam Salecha Chartered Accountant
Address :	8-B Gopal Niwas, 133, Princess Street Mumbai – 400002, Maharashtra, India
Tel. No.:	91-26832122/ 23
PAN.:	AACPG0410G

CAPITAL STRUCTURE

After As on 23.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
130000	Equity Shares	Rs.100/- each	Rs.13.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
130000	Equity Shares	Rs.100/- each	Rs.13.000 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
130000	Equity Shares	Rs.100/- each	Rs.13.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
103000	Equity Shares	Rs.100/- each	Rs.10.300 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		10.300	10.300	10.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		49.673	21.586	12.165
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		59.973	31.886	22.465
LOAN FUNDS
1] Secured Loans		64.223	31.963	41.174
2] Unsecured Loans		26.314	21.694	23.176
TOTAL BORROWING		90.537	53.657	64.350
DEFERRED TAX LIABILITIES		0.736	0.239	0.544
TOTAL		151.246	85.782	87.359
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.993	19.913	19.555
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.071	0.066	0.351
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	71.096	34.951	33.313
	Sundry Debtors	104.077	70.150	60.258
	Cash & Bank Balances	0.288	0.138	0.322
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	25.238	8.680	6.203
Total Current Assets		200.699	113.919	100.096
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	70.264	46.184	37.430
	Other Current Liabilities		(7.451)	(11.945)
	Provisions	16.253	9.383	7.158
Total Current Liabilities		86.517	48.116	32.643
Net Current Assets		114.182	65.803	67.453
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		151.246	85.782	87.359

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	581.914	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	540.893	NA	NA
	PROFIT BEFORE TAX		41.021	15.056	10.189
Less	TAX		14.148	0.000	4.493
	PROFIT AFTER TAX		26.873	15.056	5.696
	Earnings Per Share (Rs.)		272.69	NA	55.30

Particulars	31.03.2012
Sales Turnover (Approximately)	590.000

Expected Sales (2012-2013): Rs.650.000 millions

The above information has been parted by Mr. Vijay Doshi.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.61	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	17.25	11.24	8.51
Return on Investment (ROI) (PBT/Networth)		0.68	0.47	0.45
Debt Equity Ratio (Total Liability/Networth)		2.95	3.19	4.32
Current Ratio (Current Asset/Current Liability)		2.32	2.37	3.06

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 two 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)	Yes
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

NOTE:

The Registered Office of the company has been shifted from 185/187, Samuel Street, Masjid Bunder, Mumbai - 400009, Maharashtra, India to the present address w.e.f.27.03.2007

Bankers Charges Report as per Registry

Corporate identity number of the company	U15310MH1991PTC059829
Name of the company	TIT BIT FOODS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. A-55, T.T.C Industrial Area MIDC, Mahape Navi Mumbai – 400709, Maharashtra, India titbit@vsnl.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90166467
Type of charge	Any interest in immovable property
Particular of charge holder	Oriental Bank of Commerce, Fort Branch, Jash Chambers, Sir. P.M.Road, Fort, Mumbai-400 001, Mumbai - 400001, Maharashtra, India emailroc@rediffmail.com
Nature of instrument creating charge	No Instrument - Extension of Deposit of Title Deeds
Date of instrument Creating the charge	23.09.2011
Amount secured by the charge	Rs.103.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest rate and Penal interest rate as agreed between the borrower company and the bank from time to time. Terms of Repayment Repayment, as agreed between the borrower company and the bank from time to time. Margin Margin Rate, as agreed between the borrower company and the bank from time to time. Extent and Operation of the charge At the request of the borrower company, the bank has revised overall banking limits upto Rs. 103.000 millions against Mortgage of the lease hold rights over the immoveable property i. e Plot No. A-55 in T.T.C. Industrial area, MIDC , Village Pawne, Navi Mumbai - 400079. The charge stands modified upto Rs. 103.000 millions
Short particulars of the property charged	Mortgage of the lease hold rights over the immoveable property i. e Plot No. A-55 in T.T.C. Industrial area, MIDC , Village Pawne, Navi Mumbai - 400079.
Particulars of the present modification	At the request of the borrower company, the bank has revised overall banking limits upto Rs. 103.000 millions against Mortgage of the lease hold rights over the immoveable property i. e Plot No. A-55 in T.T.C. Industrial area, MIDC , Village Pawne, Navi Mumbai - 400079. The charge stands modified upto Rs. 103.000 millions

TRADE REFERENCES

· Fudco – London

· U.K Khimji

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.56.92
UK Pound	1	Rs.88.91
Euro	1	Rs.71.25

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPK

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.