MIRA INFORM REPORT

Report Date :

21.09.2012

IDENTIFICATION DETAILS

Name :	ASPRI SPIRITS PRIVATE LIMITED
Registered Office :	601, Lavlesh Court, Pandit Varde Road, Bandra (West), Mumbai-400050, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.08.2004
Com. Reg. No.:	11-148284
Capital Investment / Paid-up Capital :	Rs.3.667 Millions
CIN No.: [Company Identification No.]	U15500MH2004PTC148284
TAN No.: [Tax Deduction & Collection Account No.]	MUMA25153C
PAN No.: [Permanent Account No.]	AAECA8483E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Alcoholic Beverage.
No. of Employees :	35 [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 130000
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 – 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. Kumar
Designation :	Accounts Head
Contact No.:	91-22-26056366

LOCATIONS

Registered Office :	601, Lavlesh Court, Pandit Varde Road, Bandra (West), Mumbai-400050, Maharashtra, India
Tel. No.:	91-22-26056366/ 26401995 / 22061232/42505100
Fax No.:	91-22-26401997
E-Mail :	mail@aspri.org kcjain_co@yahoo.co.in
Website :	http://www.aspri.org
Location :	Owned
Admin / Head Office :	301, Lavlesh Court, Pandit Varde Road, Bandra (West), Mumbai-400050, Maharashtra, India
Tel. No.:	91-22-26056366/ 26401995 / 22061232/42505100
Fax No.:	91-22-26401997
Branch Office :	DELHI T-11, Okhla Industrial Area, Phase II, New Delhi-110020, India Tel.: 91-11-41633982, Fax.: 91-11-41631713 Email: delhi@aspri.org BANGALORE 25/2, 1st Floor, P Kalinga Rao Road, Mission Road, Inside Shamrao Compound, Bangalore-560027, Karnataka, India Tel: 91-80-41266569, Email: bangalore@aspri.org

DIRECTORS

As on 30.09.2011

Name :	Mrs. Vrutika Jaikishan Matai
Designation :	Director
Address :	11, Smokey Hill, 44 Pali Mala Road, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Birth/Age :	17.03.1971
Date of Appointment :	24.02.2003
Din No.:	01788325
Name :	Mr. Gautam Nandkishore Matai
Designation :	Director
Address :	602, Morya CHS, Varsova Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Date of Birth/Age :	05.09.1973
Date of Appointment :	24.03.2011
Din No.:	01784232

KEY EXECUTIVES

Name :	Mr. Kumar
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vrutika Jaikishan Matai	10000
Sunrise Petroleum Services, India	25000
Jacki Matai	62998
Jacki Matai (HUF)	58501
Duru Matai	8500
Jyoti Matai	1
Gautam Nandkishore Matai	37125
Vijay Narag	54249
Nand Matai	37124
Pavan Narang	20001
Prashant Matai	1
Arunkumar	16500
Bhagyashri P. Tahllzani	1
Whiteline Impex Private Limited, India	18350
Emerald Electronics Private Limited, India	18350
Total	366701

As on 26.03.2012

Names of Shareholders	No. of Shares
Emerald Electronics Private Limited, India	18350
Total	18350

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Alcoholic Beverage.
Exports :
Products :	Alcoholic Beverage
Countries :	UAE
Imports :
Products :	Alcoholic Beverage
Countries :	· France · Italy
Terms :
Selling :	L/C / Cash and Credit [30 and 60 Days]
Purchasing :	L/C / Cash and Credit [30 and 60 Days]

GENERAL INFORMATION

Customers :

Wholesaler, Retailers and End Users

No. of Employees :

35 [Approximately]

Bankers :

• Union Bank of India, Andheri (East) Branch, Mayani Manor, Sir, M V Road, Mumbai – 400069, Maharashtra, India
• ICICI Bank, Bandra (West), Mumbai, Maharashtra, India
• Punjab National Bank, Bandra (West), Mumbai, Maharashtra, India
• Syndicate Bank, Rukshana Apartments, Bandra, Mumbai, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Union Bank of India (Secured against hypothecation of stocks and debtors along with collateral security of flat and personal guarantee of directors)	34.171	31.287
Tata Capital Limited (Secured against hypothecation of motor car)	1.939	0.509
Total	36.110	31.796
Unsecured Loan
Unsecured Loan	54.563	18.977
Total	54.563	18.977

Banking Relations :	--
Financial Institution :	3I Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai-400703, Maharashtra, India
Auditors :
Name :	Kalian Jain and Company Chartered Accountants
Address :	108, AS Dias Buil, 268/272, Dr. CH. Street, Marine Lines, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22061232 / 22001972
Fax No.:	91-22-22092614
E-Mail :	kcjain_co@yahoo.co.in
Pan No.:	AABPJ3941N

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions
500000	Preferences Shares	Rs. 10/- each	Rs.5.000 Millions
	Total		Rs.9.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
385051	Equity Shares	Rs.10/- each	Rs.3.850 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions
500000	Preferences Shares	Rs. 10/- each	Rs.5.000 Millions
	Total		Rs.9.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
366701	Equity Shares	Rs.10/- each	Rs.3.667 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		3.667	3.300	3.300
2] Share Application Money		0.000	0.000	3.350
3] Reserves & Surplus		29.253	11.874	8.740
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32.920	15.174	15.390
LOAN FUNDS
1] Secured Loans		36.110	31.796	28.284
2] Unsecured Loans		54.563	18.977	1.374
TOTAL BORROWING		90.673	50.773	29.658
DEFERRED TAX LIABILITIES		0.000	0.038	0.048
TOTAL		123.593	65.985	45.096
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.363	5.078	5.190
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	53.690	36.068	29.314
	Sundry Debtors	61.643	24.364	21.287
	Cash & Bank Balances	1.941	3.000	1.074
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	41.788	4.484	5.421
Total Current Assets		159.062	67.916	57.096
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.130	1.625	16.328
	Other Current Liabilities	11.148	0.000	0.000
	Provisions	9.692	6.000	1.999
Total Current Liabilities		41.970	7.625	18.327
Net Current Assets		117.092	60.291	38.769
MISCELLANEOUS EXPENSES		0.138	0.616	1.137
TOTAL		123.593	65.985	45.096

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
		Net Sales	241.695	245.075	330.184
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		3.767	4.639	5.589
Less	TAX		1.251	1.504	2.268
	PROFIT / (LOSS) AFTER TAX		2.516	3.135	3.321
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	2.378	52.899
	Earnings / (Loss) Per Share (Rs.)		6.86	9.50	10.06

Particulars	31.03.2012
Sales Turnover [Approximately]	240.000

Expected Sales (2012-13) : Rs.280.000 Millions.

The above information has been parted by Mr. Kumar.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	1.55	1.89	1.69
Return on Total Assets (PBT/Total Assets}	(%)	2.27	6.36	8.97
Return on Investment (ROI) (PBT/Networth)		0.11	0.31	0.36
Debt Equity Ratio (Total Liability/Networth)		4.03	3.85	3.12
Current Ratio (Current Asset/Current Liability)		3.79	8.91	3.12

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	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	No
17]	Major suppliers	No
18]	Major customers	No
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	Yes
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	No

OPERATION:

The Turnover of the company decreased by 1.37 % during the year in comparison of previous year. Directors expect further improvement in the turnover during the current year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10195748
Corporate identity number of the company	U15500MH2004PTC148284
Name of the company	ASPRI SPIRITS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	301, Lavlesh Court, Pandit Varde Road, Bandra (West), Mumbai-400050, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge]
Particular of charge holder	Union Bank of India, Andheri (East) Branch, Mayani Manor, Sir, M V Road, Mumbai – 400069, Maharashtra, India Email: cbsandheri@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	Supplementary Agreement to Hypothecation Agreement of Goods and Debts
Date of instrument Creating the charge	02.01.2012
Amount secured by the charge	Rs.40.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate+ 6% per annum with monthly rests or such other rate as may be revised by the Bank from time to time Terms of Repayment On Demand Margin As per sanction terms Extent and Operation of the charge To secure various facilities aggregating to Rs.40.000 Millions granted by the bank to the Company as under :- 1. Cash Credit (Hypothecation) Rs.30.000 Millions 2. Letter of Guarantee Rs.10.000 Millions Total Rs.40.000 Millions
Short particulars of the property charged	That the Hypothecated Goods, Book-Debts and Movable Property covered by the Principal Hypothecation Agreement shall continue to be a security for the Bank for the enhanced Credit Facilities (cont) aggregating to Rs.40.000 Millions granted by the Bank to the Company
Particulars of the present modification	The Original Charge Dated: 19/12/2009 for Rs.30.000 Millions is hereby modified and enhanced to Rs.40.000 Millions and That the Hypothecated Goods, Book-Debts and Movable Property covered by the Principal Hypothecation Agreement shall continue to be a security for the Bank for the enhanced credit facilities of Rs.40.000 Millions granted by the Bank to the Company

FIXED ASSETS:

· Air conditioner

· Aqua Guard Machine

· Coffee / Tea Maker

· Computer

· EPABX Systems

· Eclectic Kettle

· Furniture and Fixture

· Inverter

· Laptop A/c

· Motor Bike

· Mobile Phone

· Motor Car

· Office equipment

· Printers

· Fire Extinguisher

· Refrigerator

· UPS Stabilizer

· Water Cooler

· Vacuum Cleaner

· Cycle

· Voltage Stabilizer

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.54.34
UK Pound	1	Rs.87.91
Euro	1	Rs.70.57

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	BSN

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	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.