MIRA INFORM REPORT

Report Date :

28.11.2012

IDENTIFICATION DETAILS

Name :	SUPER FRESH FRUITS PRIVATE LIMITED
Registered Office :	F-26/ 27, Sitaram Building, 2nd Floor, Opposite Crawford Market, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.10.2005
Com. Reg. No.:	11-157009
Capital Investment / Paid-up Capital :	Rs. 0.205 Million
CIN No.: [Company Identification No.]	U99999MH2005PTC157009
TAN No.: [Tax Deduction & Collection Account No.]	MUMS52467C
PAN No.: [Permanent Account No.]	AAJCS3729C
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter and Importer of fresh fruits and vegetables.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 7000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The profitability of the company appears to be low. However, performance capacity seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. 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.

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

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 DENIED BY

Name :	Mr. Bhagwandas
Designation :	Director
Contact No.:	91-22-23438955
Date :	27.11.2012

LOCATIONS

Registered Office :	F-26/ 27, Sitaram Building, 2nd Floor, Opposite Crawford Market, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-23436462/ 23438955
Fax No.:	91-22-23428104
E-Mail :	mj.kapadia@yahoo.com superfruits@gmail.com
Website :	http://www.superfreshfruits.com

DIRECTORS

AS ON 28.09.2012

Name :	Mrs. Sonia Bhagwandas Ramchandani
Designation :	Director
Address :	1305, 13th Floor, Carnation Dosti Acres, Wadala, Mumbai - 400037, Maharashtra, India
Date of Birth/Age :	30.04.1963
Date of Appointment :	25.10.2005
DIN No.:	01803149
Name :	Rakhee Ochani
Designation :	Director
Address :	701/1, Millenium Park, Hari Om Complex, Mulund East, Mumbai – 400081, Maharashtra, India
Date of Birth/Age :	21.10.1979
Date of Appointment :	25.10.2005
DIN No.:	02968271
Name :	Mr. Bhagwandas Bherumal Ramchandani
Designation :	Director
Address :	Jay Mahal, 2nd Floor, Flat No. 11, Plot 15, 'A' Road, Churchgate, Mumbai-400020, Maharashtra, India
Date of Birth/Age :	06.11.1955
Date of Appointment :	01.10.2010
DIN No.:	00678509

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Sonia Bhagwandas Ramchandani	500
Rakhee Ochani	500
Bhagwandas Bherumal Ramchandani	1050
Total	2050

AS ON 28.09.2012

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

BUSINESS DETAILS

Line of Business :

Exporter and Importer of fresh fruits and vegetables.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Not Available

Facilities :

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loan from director	0.500	(0.200)
Loan from Banks and Financial Institution	2.728	0.223
Total	3.228	0.023

Banking Relations :	--
Auditors :
Name :	M.J. Kapadia and Company Chartered Accountants
Address :	E-21, Sitaram Building, 2nd Floor, Opposite Crawford Market, Market Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-23436462/ 23449373
Fax No.:	91-22-23436461
E-Mail :	mj.kapadia@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AACPK1522H

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,050	Equity Shares	Rs. 100/- each	Rs. 0.205 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.206	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.668	1.313	1.103
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.874	1.413	1.203
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.335
2] Unsecured Loans		3.228	0.023	0.500
TOTAL BORROWING		3.228	0.023	0.835
DEFERRED TAX LIABILITIES		0.058	0.070	0.042
TOTAL		5.160	1.506	2.080
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.470	0.598	0.684
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.085	0.035	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.133	2.961	2.994
	Sundry Debtors	24.682	22.590	6.234
	Cash & Bank Balances	(0.505)	0.000	(2.144)
	Other Current Assets	0.017	0.149	0.000
	Loans & Advances	38.941	0.492	0.377
Total Current Assets		64.268	26.192	7.461
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.402	24.048	5.724
	Other Current Liabilities	(0.472)	0.714	0.007
	Provisions	0.733	0.557	0.351
Total Current Liabilities		59.663	25.319	6.082
Net Current Assets		4.605	0.873	1.379
MISCELLANEOUS EXPENSES		0.000	0.000	0.017
TOTAL		5.160	1.506	2.080

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	272.505	108.505	66.825
		Other Income	N.A.	N.A.	N.A.
		TOTAL (A)	N.A.	N.A.	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	N.A.	N.A.	N.A.
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		N.A.	0.877	1.046
Less	FINANCIAL EXPENSES (D)		N.A.	0.184	0.299
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.681	0.693	0.747
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.162	0.249	0.246
	PROFIT BEFORE TAX (E-F) (G)		0.519	0.444	0.501
Less	TAX (H)		0.164	0.234	0.182
	PROFIT AFTER TAX (G-H) (I)		0.355	0.210	0.319
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.313	1.103	0.784
	BALANCE CARRIED TO THE B/S		1.668	1.313	1.103
	Earnings Per Share (Rs.)		173.17	209.51	319.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	0.19	0.41	0.75
Return on Total Assets (PBT/Total Assets}	(%)	0.80	1.66	6.15
Return on Investment (ROI) (PBT/Networth)		0.28	0.31	0.42
Debt Equity Ratio (Total Liability/Networth)		33.56	17.93	5.75
Current Ratio (Current Asset/Current Liability)		1.08	1.03	1.23

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors for Perishable Goods	27.682	7.903	(0.153)
Sundry Creditors for Expenses	3.536	1.768	0.519
Sundry Creditors for Packing materials	8.862	5.490	5.049
Sundry Creditors for Imports	10.670	3.365	0.000
Sundry Creditors for Freight	8.652	5.522	0.309
Sundry Creditors	59.402	24.048	5.724

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note: The registered address of the company has been shifted from 51 Darshaw Building, Jambulwadi Kalbadevi Road, Mumbai – 400002, Maharashtra, India to the present w.e.f.01.04.2008

OPERATION:

During the year under consideration, the company has made a Sales turnover of Rs. 272.505 Millions including Export Sales of Rs. 212.835 Millions from its Seventh year of operation.

FINANCIAL RESULTS:

During the year under consideration, the company has earned a Net profit of Rs. 0.519 Million from its activities.

FIXED ASSETS:

Ø Computer

Ø Electricals Installation

Ø Electrical Weighing Machine

Ø Box Strapping Machine

Ø Furniture and Fixture

Ø Vehicles

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 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. 55.70
UK Pound	1	Rs. 89.34
Euro	1	Rs. 72.35

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		30

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.