MIRA INFORM REPORT

Report Date :

06.10.2012

IDENTIFICATION DETAILS

Name :	CINQUE FOODS PRIVATE LIMITED
Registered Office :	G-223, 1^st Floor, Ghazipur, Near Check Post, Delhi – 110096
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.12.2009
Com. Reg. No.:	55-196966
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U15400DL2009PTC196966
TAN No.: [Tax Deduction & Collection Account No.]	DELC12013B
PAN No.: [Permanent Account No.]	AADCC8259R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Foods Products.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a successor of “Chinque Foods” a partnership concern started in the year 2007. It is an established company having moderate track. There appears a hug and accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing on a secured 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

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 PARTED BY

Name :	Mr. Arun Sehgal
Designation :	Director
Contact No.:	91-9811078667
Date :	22.09.2012

LOCATIONS

Registered Office :	G-223, 1^st Floor, Ghazipur, Near Check Post, Delhi – 110096, India
Tel. No.:	91-11-22233164
Mobile No.:	91-9811078667 (Mr. Arun Sehgal)
Fax No.:	91-11-22233164
E-Mail :	nareshkdhamija@gmail.com cinquefood2009@gmail.com
Area :	460 sq. ft.
Location :	Rented
Corporate Office :	G-128, Ghazipur Village, Delhi – 110096, India
Factory :	Located at: · Indore (Chips Unit) · Haryana (Juice Unit)
Branch Office :	Located at: · Haryana · Vijayawada
Bakery :	Located at: · Delhi · Hyderabad · Pune · Vijayawada

DIRECTORS

(AS ON 26.09.2011)

Name :

Mrs. Priyanka Verma

Designation :

Director

Address :

House No.6, Vijay Nagar, Delhi Road, Saharanpur – 247001, Uttar Pradesh, India

Date of Birth/Age :

08.10.1981

Date of Appointment :

15.12.2009

DIN No.:

02827699

Name :

Mr. Arun Kumar Sehgal

Designation :

Director

Address :

3-1143, Vasundhra, Ghaziabad – 201010, Uttar Pradesh, India

Date of Birth/Age :

25.10.1961

Date of Appointment :

15.12.2009

DIN No.:

01973089

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U15400AP2008PTC062183	SAI BALAJI FOOD & BEVERAGES (INDIA) PRIVATE LIMITED	Director	31/12/2009	03/12/2009	21/11/2011	Active	NO
2	U15400DL2009PTC196966	CINQUE FOODS PRIVATE LIMITED	Director	15/12/2009	15/12/2009	-	Active	NO

Name :

Mr. Srinivasa Rao Putti

Designation :

Director

Address :

67-11-17/1, Srinilayam, Darisipet, Patamata, Vijayawada – 520010, Andhra Pradesh, India

Date of Birth/Age :

15.03.1970

Date of Appointment :

15.12.2009

DIN No.:

02348869

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	U74900AP2008PTC062105	SAI BALAJI COMMERCIALS (INDIA) PRIVATE LIMITED	Managing director	01/11/2009	04/12/2008	Active	NO
2	U15400AP2008PTC062183	SAI BALAJI FOOD & BEVERAGES (INDIA) PRIVATE LIMITED	Managing director	01/11/2009	12/12/2008	Active	NO
3	U15400DL2009PTC196966	CINQUE FOODS PRIVATE LIMITED	Director	15/12/2009	15/12/2009	Active	NO

Name :

Mr. Khalid Usman Memon

Designation :

Director

Address :

Dr. Mehmmod Building, Khadka Road, Bhusawal – 425201, Maharashtra, India

Date of Birth/Age :

01.03.1965

Date of Appointment :

15.12.2009

DIN No.:

02826501

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	U15400DL2009PTC196966	CINQUE FOODS PRIVATE LIMITED	Director	15/12/2009	15/12/2009	Active	NO
2	U15132PN2012PTC142630	SHAHID FOODS AND HOSPITALITY SERVICES PRIVATE LIMITED	Director	21/03/2012	21/03/2012	Active	NO

Name :

Mr. Ashwin Kumar Garg

Designation :

Director

Address :

21 Jain Dharmshala Ke Samip, Abu Road, Ward No.3, Abu Road – 307026, Rajasthan, India

Date of Birth/Age :

14.06.1976

Date of Appointment :

15.12.2009

DIN No.:

02827848

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 26.09.2011)

Names of Shareholders	No. of Shares
Ashwin Kumar Garg	20000
Khalid Usman Memon	20000
Priyanka Verma	20000
Arun Kumar Sehgal	20000
Srinivasa Rao Putti	20000
Total	100000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Foods Products.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Neni Memi Foods Private Limited

· R and K Associates

· Pranav Foods Industry

· Arisha Enterprises

· Balan Natural Food Private Limited

· Golden Wheat and Allied Mills Private Limited

· Gopal Industries

· K B Packers

· Marvel and Bakery Confectioner

· Marvel Tea Estate (India) Limited

· Saurav Beverage (Private) Limited

· S. S. Traders

· Balaji Marketing

· Cal Lite Foods (India) Private Limited

Customers :

Wholesalers and Retailers

· Ambuja Hotels

· A. N. Enterprises

· Express Foods Services

· Fast Trax Food Private Limited

· Fortune Express

· Shri Gopal Distributor

· Suruchi Restaurant

· Sai Balaji Foods and Beverages (India) Private Limited

No. of Employees :

60 (Approximately)

Bankers :

· Union Bank of India, Delhi, India

· ICICI Bank, Delhi, India

· Aadarsh Co-operative Bank

· Syndicate Bank

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Arun Sehgal	0.090	0.090
Lalita Sehgal	0.048	0.048
Priyanka Verma	0.551	0.551
Ashwin Garg	0.720	0.000
S. N. Agarwal	0.300	0.000
Total	1.709	0.689

Banking Relations :	--
Auditors :
Name :	Naresh Dhamija and Associates Chartered Accountant
Address :	711, Jaina Tower – II, District Center Janak Puri, New Delhi – 110058, India
Tel. No.:	91-11-25549604/ 25615344
Fax No.:	91-11-25615344
Mobile No.:	91-9810316766
E-Mail :	nareshdhamija@rediffmail.com
PAN No.:	AADPD6890Q
Associates/Subsidiaries :	· Sai Balaji Foods and Beverages Private Limited, Hyderabad · R and L Associates Private Limited · Saibalaji Commercials, Haryana

CAPITAL STRUCTURE

(AS ON 26.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(1.006)	(0.461)
NETWORTH		(0.006)	0.539
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		1.709	0.689
TOTAL BORROWING		1.709	0.689
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1.703	1.228
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.208	0.229
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.006	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.974	2.152
	Sundry Debtors	3.576	1.046
	Cash & Bank Balances	1.419	0.278
	Other Current Assets	0.000	0.000
	Loans & Advances	0.684	1.686
Total Current Assets		9.653	5.162
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1.945	0.264
	Other Current Liabilities	7.044	3.979
	Provisions	0.000	0.043
Total Current Liabilities		8.989	4.286
Net Current Assets		0.664	0.876
MISCELLANEOUS EXPENSES		0.042	0.056
Security Deposits		0.783	0.067
TOTAL		1.703	1.228

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		TOTAL	54.144	2.404
Less	EXPENSES
		TOTAL	54.695	2.865
	PROFIT BEFORE TAX		(0.551)	(0.461)
Less	TAX		0.000	0.000
	PROFIT AFTER TAX		(0.551)	(0.461)
	Earnings Per Share (Rs.)		(5.51)	--

Particulars	31.03.2012
Sales Turnover (Approximately)	140.000

Expected Sales (2012-13): Rs.250.000 Millions

The above information has been parted by Mr. Arun Sehgal.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	(1.02)	(19.18)
Return on Total Assets (PBT/Total Assets}	(%)	(5.59)	(8.55)
Return on Investment (ROI) (PBT/Networth)		91.83	0.86
Debt Equity Ratio (Total Liability/Networth)		(1783.00)	9.23
Current Ratio (Current Asset/Current Liability)		1.07	1.20

LOCAL AGENCY FURTHER INFORMATION

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)	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

FINANCIAL RESULTS

During the year under consideration, the company achieved a turnover of Rs.54.144 Millions in comparison of Rs. 2.404 Millions in the last year and incurred a loss of Rs.0.551 in comparison of Rs.0.461 in the last year after all expenses including interest and depreciation. The directors ensured that there would be good profit in the coming years.

FIXED ASSETS:

· Furniture and Fixture

· Maruti Van

· Scales/ Weaning Machine

· Computer

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.51.98
UK Pound	1	Rs.83.68
Euro	1	Rs.67.20

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		13

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.