MIRA INFORM REPORT

Report Date :

24.11.2012

IDENTIFICATION DETAILS

Name :	JABS INTERNATIONAL PRIVATE LIMITED
Registered Office :	Plot No. A-350, TTC Industrial Area, MIDC, Mahape, Navi Mumbai-400708, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.09.1997
Com. Reg. No.:	11-110640
Capital Investment / Paid-up Capital :	Rs.12.815 Millions
CIN No.: [Company Identification No.]	U51900MH1997PTC110640
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Spices and Agro Products.
No. of Employees :	70 [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 1020000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit margin of the company appears to be low. However, networth appears to be satisfactory. 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB – [Long Term Fund Based Limits]
Rating Explanation	The moderate credit quality it carries higher than average credit risk.
Date	July 2012

Rating Agency Name	ICRA
Rating	A3 [Short Term Non Fund Based Limits]
Rating Explanation	The moderate credit quality it carries higher credit risk.
Date	July 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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.

INFORMATION PARTED BY

Name :	Mr. Dharmik
Designation :	Accounts Senior Manager
Contact No.:	91-9833662605
Date :	23.11.2012

LOCATIONS

Registered / Administrative Office / Factory :	Plot No. A-350, TTC Industrial Area, MIDC, Mahape, Navi Mumbai-400708, Maharashtra, India
Tel. No.:	91-22-27784500 / 27781201 / 2 / 3 / 4
Mobile No.:	91-9833662605 [Mr. Dharmik]
Fax No.:	91-22-27782626 / 27781205
E-Mail :	dharmik.accounts@jabsintenational.com jabs@jabsinternational.com
Website :	http://www.jabsinternational.com
Area :	10000 sq. ft. [Ground + 3^rd Floor]
Location :	Owned
Branch Office :	Located At: · Mundra, Kutch, Gujarat, India · Unjha, Ahmedabad, Gujarat, India

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Bhaskar Bhanuvadan Shah
Designation :	Managing Director
Address :	Flat No. 1202, Raheja Residency, M.G. Complex, Sector 14, Vashi, Navi Mumbai-400703, Maharashtra, India
Date of Birth/Age :	18.07.1957
Date of Appointment :	08.01.2000
Din No.:	00684507
Name :	Mr. Shailesh Manohar Shah
Designation :	Director
Address :	Flat No. B-101, First Floor, Neel Siddhi Towers, Plot No. 195, Sector 12, Vashi, Navi Mumbai-400703, Maharashtra, India
Date of Birth/Age :	04.09.1964
Date of Appointment :	09.12.1997
Din No.:	00684501

KEY EXECUTIVES

Name :	Mr. Dharmik
Designation :	Accounts Senior Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sunita Bhaskar Shah	1779250
Shailesh Manohar Shah	150
Govindlal M. Parikh	150
Indumati Govindlal Parikh	150
Bhanuvadhan B. Shah	150
Padmaben B. Shah	150
Bhaskar Bhanuvadhan Shah	1500
TOTAL	1781500

AS ON 04.07.2012

Names of Allottees	No. of Shares
Bhaskar Bhanuvadhan Shah	203500
Jai Bhaskar Shah	5000
Salomi Bhaskar Shah	5000
Chaitali Jai Shah	5000
TOTAL	218500

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Spices and Agro Products.
Exports :
Products :	Spices and Agro Products
Countries :	· Europe · USA · Middle East · Far East Country
Imports :
Products :	Finished Goods
Countries :	· China · Malaysia · Turkey
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Sai Dattatreya Trading Company

· Karani Spices, Andhra Pradesh

Customers :

Wholesalers, End Users and Others [Importer]

· A.A. Saiya and Comp., US

No. of Employees :

70 [Approximately]

Bankers :

State Bank of Bikaner and Jaipur, 232-234, Samuel Street, Vadgadi, Mandvi, Mumbai-400003, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans	7.450	11.300
Working capital loans	438.174	467.242
TOTAL	445.624	478.542
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working capital loans banks	94.274	42.500
Loans directors	0.000	9.555
TOTAL	94.274	52.055

Banking Relations :	--
Auditors :
Name :	Pabari Kishorkumar Purushottam Chartered Accountants
Address :	B-203, Suchita Enclave, Maharashtra Nagar Above ICICI Prudential, Borivali (West), Mumbai-400092, Maharashtra, India
PAN No:	AADPP8300R
Associates :	Jabs Export Private Limited

CAPITAL STRUCTURE

AFTER 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1781500	Equity Shares	Rs.10/- each	Rs.17.815 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1281500	Equity Shares	Rs.10/- each	Rs.12.815 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		12.815	7.815	7.815
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		242.537	200.732	152.828
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		255.352	208.547	160.643
LOAN FUNDS
1] Secured Loans		445.624	478.542	328.928
2] Unsecured Loans		94.274	52.055	0.000
TOTAL BORROWING		539.898	530.597	328.928
DEFERRED TAX LIABILITIES		1.661	1.798	0.875
TOTAL		796.911	740.942	490.446
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		103.576	104.781	55.045
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	224.232	168.569	70.485
	Sundry Debtors	387.022	548.986	471.513
	Cash & Bank Balances	4.380	9.985	11.666
	Other Current Assets	145.133	118.179	132.767
	Loans & Advances	97.155	77.804	53.733
Total Current Assets		857.922	923.523	740.164
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	58.607	209.294	243.951
	Other Current Liabilities	25.480	2.115	3.312
	Provisions	80.500	75.953	57.500
Total Current Liabilities		164.587	287.362	304.763
Net Current Assets		693.335	636.161	435.401
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		796.911	740.942	490.446

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income [Export and Domestic]	4016.248	4381.402	4153.134
		Other Income	60.615	38.587	55.891
		TOTAL (A)	4076.863	4419.989	4209.025
Less	EXPENSES
		TOTAL (B)	3952.682	4308.150	4101.837
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		124.181	111.839	107.188
Less	FINANCIAL EXPENSES (D)		35.558	23.638	26.352
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		88.623	88.201	80.836
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.542	8.425	5.379
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		77.081	79.776	75.457
Less	TAX (H)		27.000	27.500	26.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		50.081	52.276	49.457
Less	APPROPRIATIONS
		Interim Dividend	6.408	1.954	10.941
		Dividend Distribution Tax	1.089	0.325	1.859
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3590.285	3902.386	3722.786
	TOTAL EARNINGS		3590.285	3902.386	3722.786
	IMPORTS
		Purchase	299.729	222.295	318.333
	TOTAL IMPORTS		299.729	222.295	318.333
	Earnings / (Loss) Per Share (Rs.)		38.36	29.34	--

Particulars	31.03.2012
Sales Turnover [Approximately]	6500.000

Expected Sales (2012-13) : Rs.7000.000 Millions.

The above information has been parted by Mr. Dharmik.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.23	1.18	1.17
Net Profit Margin (PBT/Sales)	(%)	1.92	1.82	1.82
Return on Total Assets (PBT/Total Assets}	(%)	8.02	7.75	9.49
Return on Investment (ROI) (PBT/Networth)		0.30	0.38	0.47
Debt Equity Ratio (Total Liability/Networth)		2.76	3.92	3.94
Current Ratio (Current Asset/Current Liability)		5.21	3.21	2.43

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	58.607	209.294	243.951

Sr. No.	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	Yes
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 involved in	--
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS:

The Company has relatively maintained the performance during the year under report. The total turnover (Export and Domestic) is Rs. 40,162.48 lakhs as against Rs. 43,814.02 lakhs in the previous year and the Net profit for the year is Rs.770.81 lakhs as against in the previous year of Rs.797.76 lakhs.

CURRENT YEAR:

The Directors expect to further increase the sales turnover and profitability during the current year.

INCREASE OF PAID UP SHARE CAPITAL:

During the financial year the Paid -up Share Capital of the Company was increased from Rs.7.815 Millions to Rs.12.815 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90157904
Corporate identity number of the company	U51900MH1997PTC110640
Name of the company	JABS INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. A-350, TTC Industrial Area, MIDC, Mahape, Navi Mumbai-400708, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Immovable Property
Particular of charge holder	State Bank of Bikaner and Jaipur, 232-234, Samuel Street, Vadgadi, Mandvi, Mumbai-400003, Maharashtra, India
Email	vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	a) Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit. b) Letter regarding the grant of Individual Limit within the Overall limit. c) Supplemental Agreement of Loan for increase in the overall limit. d) Memorandum. (Collectively constitute a single charge).
Date of instrument Creating the charge	06.09.2012
Amount secured by the charge	Rs.830.800 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest (a) Fund based working capital limits : Interest @ 1.50% above BR (10.50%) presently effective rate 12% and (b) TL : Interest @ 4.5% above BR subject to change from time to time as per Bank's Rule Terms of Repayment Working Capital facility shall be repayable on Demand. Term Loan (initial sanctioned Rs.13.200 Millions) : Repayable as per sanction terms Margin 15% against the raw materials, Stocks in Process, Finished goods, Any other (specify) and Book Debts/Receivables. Extent and Operation of the charge (a) Hypothecation by way of first charge of all assets as specified in Item No.15 as security, and (b) 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 stated under Item No.15, as security for repayment of Rs.830.800 Millions by the Company, together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property charged	The Goods, book debts and other assets hypothecated in favour of Bank as a continuing security by way of First charge. Survey No. 2730 HC-1-11-78 total sq. mtrs 11178 construct on 9867.59 sq. mtrs open land 10310.41 sq.mrs situated in Unjha Tal Dist. Mehasana North Side of the road going from Uniha City to Vill Vangela. Plot No. 24 admeasuring 2618.45 sq. mtrs Dhrub Industrial Estate of GIDC within Dhrub Village of Tal. Mandra Dist. Kutch, Gujarat. Office Unit No. 5, Plot No. 9 and 10 on the G 1 Floor of Building No. B-C Sector 19-A at Vashi, Navi Mumbai admeasuring 4479.173 sq. ft. Land along with factory shed on Plot bearing No. A-350 admeasuring 1500 sq. mtrs TTC Indl. Area, MIDC, Mahape, Navi Mumbai-400 708.
Date of latest modification prior to the present modification	20.05.2011
Particulars of the present modification	The charge shall stand increased from Rs.677.500 Millions to Rs.830.800 Millions in favour of the Bank.

FIXED ASSETS:

· Office Equipments

· Air Cooler

· Fan

· Generator

· Machinery

· Electrical Fittings

· Pager

· Factory Building

· Plant and Machinery

· Office Shop

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 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 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.55.34
UK Pound	1	Rs.88.30
Euro	1	Rs.71.37

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

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	YES
--AFFILIATION	YES/NO	YES
--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.