MIRA INFORM REPORT

Report Date :

06.10.2012

IDENTIFICATION DETAILS

Name :	CRUST N CRUMB FOOD INGREDIENTS PRIVATE LIMITED
Registered Office :	Block No.32, KINFRA Small Industries Park, Nellard P.O., Muvattupuzha, Ernakulam – 686721, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.05.2004
Com. Reg. No.:	09-017101
Capital Investment / Paid-up Capital :	Rs.21.450 Millions
CIN No.: [Company Identification No.]	U51229KL2004PTC017101
TAN No.: [Tax Deduction & Collection Account No.]	TVDC00901F
PAN No.: [Permanent Account No.]	AACCC3910G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Food Ingredients.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 113000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Reserves appear to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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.

LOCATIONS

Registered Office :	Block No.32, KINFRA Small Industries Park, Nellard P.O., Muvattupuzha, Ernakulam – 686721, Kerala, India
Tel. No.:	91-484-3239300/ 3239400/ 3239500
Fax No.:	91-484-2769500
E-Mail :	contact@crustncrumb.com
Website :	http://www.crustncrumb.com
Overseas Office :	Located at: · Italy · UAE

DIRECTORS

(AS ON 15.09.2011)

Name :

Mr. Noushad Naina Muttathusseril Shahul Hameed Naina

Designation :

Managing Director

Address :

IV/373, The Aranheril House, Ponnad P.O. Mannanchery, Alappuzha – 688548, Kerala, India

Date of Birth/Age :

20.05.1969

Date of Appointment :

11.05.2004

Voter Id No.:

KL/15/009/054096

DIN No.:

01860288

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	U51229KL2004PTC017101	CRUST N CRUMB FOOD INGREDIENTS PRIVATE LIMITED	Managing director	11/05/2004	11/05/2004	Active	NO
2	U15130KL2010PTC027314	MATRIX FLAVOURS AND FRAGRANCES (INDIA) PRIVATE LIMITED	Director	30/12/2010	30/12/2010	Active	NO
3	U55209KL2012PTC030214	FIFAH DINING EXPERIENCES PRIVATE LIMITED	Director	06/01/2012	06/01/2012	Active	NO

Name :

Mr. Vishnu Prasad Vettath Chandrasekhar

Designation :

Director

Address :

111/107, Kuzhuppilly House, Kandanassery P.O. Ariyanoor Thrichur, Kerala, India

Date of Birth/Age :

30.05.1958

Date of Appointment :

11.05.2004

DIN No.:

01877392

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	U51229KL2004PTC017101	CRUST N CRUMB FOOD INGREDIENTS PRIVATE LIMITED	Director	11/05/2004	11/05/2004	Active	NO
2	U15130KL2010PTC027314	MATRIX FLAVOURS AND FRAGRANCES (INDIA) PRIVATE LIMITED	Director	30/12/2010	30/12/2010	Active	NO

Name :

Mr. Aliyar Kunju Thevaramcheril Maitheen Kunju

Designation :

Director

Address :

IV/341, Nikarthil Puthen Pura, Ponnad P.O, Mannancherry, Alleppey – 688538, Kerala, India

Date of Birth/Age :

25.05.1938

Date of Appointment :

11.08.2008

DIN No.:

02485218

Name :

Mr. Muhammed Kunju Aliyaru Kunju

Designation :

Director

Address :

IV/341, Nikarthil Puthen Pura, Ponnad P.O. Mannancherry, Alappuzha - 688548, Kerala, India

Date of Birth/Age :

31.05.1970

Date of Appointment :

11.05.2004

DIN No.:

01824800

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	U51229KL2004PTC017101	CRUST N CRUMB FOOD INGREDIENTS PRIVATE LIMITED	Director	11/05/2004	11/05/2004	Active	NO
2	U15130KL2010PTC027314	MATRIX FLAVOURS AND FRAGRANCES (INDIA) PRIVATE LIMITED	Managing director	30/12/2010	30/12/2010	Active	NO
3	U55209KL2012PTC030214	FIFAH DINING EXPERIENCES PRIVATE LIMITED	Managing director	06/01/2012	06/01/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 15.09.2011)

Names of Shareholders	No. of Shares
Noushad Naina Muttathusseril Shahul Hameed Naina	13000
Muhammed Kunju Aliyaru Kunju	78950
Vishnu Prasad Vettath Chandrasekhar	79000
Aliyar Kunju Thevaramcheril Maitheen Kunju	50
Bakery Ingredients Solutions, England	43500
Total	214500

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	20.28
Directors or relatives of directors	79.72
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Food Ingredients.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Federal Bank Limited

Federal Towers, P B No 103, Alwaye, Eranakulam – 683101, Kerala, India

· State Bank of Travancore

Kolenchery Main Branch, Kolenchery – 682311, Tamilnadu, India

· State Bank of India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loans From Federal Bank Limited – Martine Drive Branch) (Secured by way of charge by equitable mortgage of all immovable properties of the company)	0.353	0.607
Export Packing Credit From Federal Bank Limited PCL A/c Marine Drive Branch	6.045	11.219
The federal Bank Limited Bills Discounted A/c – Martine Drive Branch (secured by way of charge by equitable mortgaged of all immovable properties of the company)	8.543	3.749
Car Loan From ICICI Bank (Secured by way of Hypothecation to Bank)	0.013	0.159
Total	14.954	15.734
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loan from director - Vishuprasad (Max Amt. O/s during 4the year Rs.0.021 Million)	0.021	0.021
Total	0.021	0.021

Banking Relations :	--
Auditors :
Name :	George Thomas and Associates Chartered Accountant
Address :	IInd Floor, Al Manaar Complex, Opposite Hotel Avenue Regent, M G Road, Kochi – 682016, Kerala, India
Tel No.:	91-484-2384029
PAN No.:	ABYPT5383J
E-Mail :	gtacas@gmail.com

CAPITAL STRUCTURE

(AS ON 15.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
220000	Equity Shares	Rs.100/- each	Rs.22.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
214500	Equity Shares	Rs.100/- each	Rs.21.450 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		21.450	21.450	21.450
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.712	3.820	1.144
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.162	25.270	22.594
LOAN FUNDS
1] Secured Loans		14.954	15.734	9.590
2] Unsecured Loans		0.021	0.021	0.062
TOTAL BORROWING		14.975	15.755	9.652
DEFERRED TAX LIABILITIES		0.660	0.682	0.000
TOTAL		43.797	41.707	32.246
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.158	12.114	10.204
Capital work-in-progress		0.000	0.000	1.382
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.175	12.622	8.346
	Sundry Debtors	27.954	29.243	18.394
	Cash & Bank Balances	0.775	3.335	0.606
	Other Current Assets	0.744	0.770	0.172
	Loans & Advances	0.809	0.674	0.482
Total Current Assets		48.457	46.644	28.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	14.388	15.678	6.907
	Other Current Liabilities	0.771	0.676	0.333
	Provisions	0.659	0.697	0.313
Total Current Liabilities		15.818	17.051	7.553
Net Current Assets		32.639	29.593	20.447
MISCELLANEOUS EXPENSES		0.000	0.000	0.213
TOTAL		43.797	41.707	32.246

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	74.956	75.862	38.996
		Other Income	0.213	NA	0.000
		TOTAL	75.169	NA	38.997
Less	EXPENSES
		TOTAL	70.383	NA	36.340
	PROFIT BEFORE TAX		3.533	4.056	2.657
Less	TAX		0.642	1.379	0.313
	PROFIT AFTER TAX		2.891	2.677	2.344
	EARNINGS IN FOREIGN CURRENCY		62.655	76.922	36.231
	IMPORTS VALUE		19.654	26.236	16.159
	Earnings Per Share (Rs.)		13.48	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.86	NA	6.01
Net Profit Margin (PBT/Sales)	(%)	4.71	5.35	6.81
Return on Total Assets (PBT/Total Assets}	(%)	5.93	6.90	6.95
Return on Investment (ROI) (PBT/Networth)		0.13	0.16	0.12
Debt Equity Ratio (Total Liability/Networth)		1.09	1.30	0.76
Current Ratio (Current Asset/Current Liability)		3.06	2.74	3.71

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	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	No
10]	Designation of contact person	No
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	Yes
34]	External Agency Rating, if available	No

FINANCIAL RESULTS

The company achieved a turnover of Rs.74.956 Millions and achieved a profit of Rs.2.891 Millions. No amount has been transferred to general reserve.

The profits available are required to be conserved of future growth; the directors express their inability to recommend payment of any dividend for the year financial year ended 31.03.2011.

During the year, the company has not allotted a further issue of hares each and fully paid up.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10198152
Corporate identity number of the company	U51229KL2004PTC017101
Name of the company	CRUST N CRUMB FOOD INGREDIENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Block No 32 Kinfra Small Industries Park, Nellad P O Muvattupuzha, Ernakulam – 686721, Kerala, India contact@crustncrumb.com
Type of charge	Immovable Property Any interest in immovable property
Particular of charge holder	· The Federal Bank Limited Federal Towers, P B No 103, Alwaye, Eranakulam – 683101, Kerala, India CIN No.: L65191KL1931PLC000368 Email : secretarial@federalbank.co.in
Nature of description of the instrument creating or modifying the charge	Lease Deed of SRO Puthencruz 1858/2008 dtd 28.01.08 Sy.No.508 part of Block 32, 40.47 Ares situated in Mazhuvannur village Kunnathunad Taluk Ernakulam District with all buildings existing and / or to be constructed.
Date of instrument Creating the charge	02/03/2010
Amount secured by the charge	Rs.23.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest PCL- BPLR 4.5% (Minimum 9.75%) FDBP (O) (Sub Limit to PCL)- BPLR 4.5%(Minimum 9.75%) Terms of Repayment PCL - Lumpsum FDBP (O) (sub Limit to PCL)- Lumpsum Import LC - Lumpsum Bank Gurantee - Lumpsum Margin PCL- 25% Import LC -20% Cash Margin Bank Guarantee- 20% Cash Margin Extent and Operation of the charge The said asset shall remain hypothecated to bank by way of first charge/additional charge as security for payment by the borrower to the bank of said loan and also as security for payment and discharge of all indebtedness or the liabilities of all or any one of the borrower to bank on general balance of accounts together with all interest, discounts, commissions, costs, charges and expense payable to or incurred by the Bank in relation to the said advance or the enforcement of any of the securities.
Short particulars of the property charged	Sy No 508,Mazhuvanoor Village and building in name of Crust 'n' Crumb Food Ingredients (Private) Limited
Whether any of the property or interest therein under reference is not registered in the name of the company. If yes, in whose name it is registered	Yes, KINFRA
Particulars of the present modification	Secured Charge on 40.47 Ares of land with Sy.No.508 part of Block 32 of Mazhuvannur village, Kunnathunad Taluk

FIXED ASSETS:

· Building

· Furniture and Fixture

· Office Equipments

· Electrical Fittings

· Machinery

· Factory Equipment

· Lab Equipments

· Computers

· Vehicles

· Leasehold Property

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

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	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.