MIRA INFORM REPORT

Report Date :

10.08.2013

IDENTIFICATION DETAILS

Name :	TREE OF LIFE PRIVATE LIMITED
Registered Office :	Villa Capital, Sadhana Compound, Oshiwara Bridge, S.V. Road, Jogeshwari (West), Mumbai – 400102, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.05.2008
Com. Reg. No.:	11-182146
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U15490MH2008PTC182146
TAN No.: [Tax Deduction & Collection Account No.]	MUMT14681C
PAN No.: [Permanent Account No.]	AACCT9259M
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Food Products.
No. of Employees :	10 (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 62000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	Ms. Jyoti
Designation :	Finance Department
Contact No.:	91-22-67740100
Date :	17.05.2013

LOCATIONS

Registered Office :	Villa Capital, Sadhana Compound, Oshiwara Bridge, S.V. Road, Jogeshwari (West), Mumbai – 400102, Maharashtra
Tel. No.:	91-22-67740100
Fax No.:	91-22-67740136
E-Mail :	info@tolindia.com treeoflifepl@gmail.com accounts@capitalfoods.co.in
Website :	www.tolindia.com
Location :	Owned

DIRECTORS

As on 25.09.2012

Name :

Mr. Ajay Kumar V. Gupta

Designation :

Chairman cum Managing Director

Address :

Sunny Side Units CHS Limited, Bunglow No. 2, Lokhandwala Complex, Andheri West, Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

03.07.1965

Date of Appointment :

13.05.2008

Din No :

00532308

Other Directorship :

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	U15134MH1995PLC085541	CAPITAL FOODS LIMITED	Managing director	01/06/2010	13/02/1995	-	Amalgamated	NO
2	U51219MH2003PTC142121	CAPITAL FOODS EXPORTTS PRIVATE LIMITED	Managing director	09/09/2003	09/09/2003	-	Active	NO
3	U15490MH2008PTC182146	TREE OF LIFE PRIVATE LIMITED	Director	13/05/2008	13/05/2008	-	Active	NO
4	U18101MH1994PLC082837	GINI AND JONY LIMITED	Director	21/07/2009	25/06/2009	27/06/2010	Active	NO
5	U18101MH2002PTC134409	KIMAYA FASHIONS PRIVATE LIMITED	Director	06/09/2010	06/09/2010	-	Active	NO
6	U74900MH2007PTC172956	Integrated Food Park Private Limited	Director	30/09/2011	11/10/2010	-	Active	NO
7	U15122MH2013PTC240081	VIVANTE FOODS PRIVATE LIMITED	Director	31/01/2013	31/01/2013	-	Active	NO

Name :

Mr. Omprakash G. Varma

Designation :

Director

Address :

58, Goa Street, 5/ 1, Goa Mansion Fort R, Mumbai – 400001, Maharashtra, India

Date of Birth/Age :

31.12.1977

Date of Appointment :

13.05.2008

Din No :

00530682

Other Directorship :

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	U51219MH2003PTC142121	CAPITAL FOODS EXPORTTS PRIVATE LIMITED	Director	27/10/2003	27/10/2003	-	Active	NO
2	U15134MH1995PLC085541	CAPITAL FOODS LIMITED	Whole-time director	21/02/2006	21/02/2006	-	Amalgamated	NO
3	U74999MH1999PTC123236	PARADIGM SERVICES PRIVATE LIMITED	Director	20/12/2006	20/12/2006	-	Active	NO
4	U15490MH2008PTC182146	TREE OF LIFE PRIVATE LIMITED	Director	13/05/2008	13/05/2008	-	Active	NO
5	U74999KA2011PTC060355	BRITT FOODS PRIVATE LIMITED	Director	12/09/2011	12/09/2011	-	Active	NO

Name :

Mrs. Harshita Madhav Gandhi

Designation :

Director

Address :

B 24 Celestia Heights, Mindspace, Off Link Road, Malad (West), Mumbai-400090, Maharashtra, India

Date of Birth/Age :

12.05.1970

DIN No.:

03450328

KEY EXECUTIVES

Name :	Ms. Jyoti
Designation :	Finance Department

MAJOR SHAREHOLDERS

As on 25.09.2012

Names of Shareholders	No. of Shares
Ajay Kumar V. Gupta	9000
Harshita Madhav Gandhi	1000
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 25.05.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Food Products.
Imports :
Products :	Food Products
Countries :	· UK · USA
Terms :
Selling :	Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :	Retailers and Distributors
No. of Employees :	10 (Approximately)
Bankers :	State Bank of India, Backbay Reclamation, Churchgate, Mumbai, Maharashtra, India (Tel No.: 91-22-22842196)

Banking Relations :	--
Auditors :
Name :	V.R. Momaya and Associates Chartered Accountants
Address :	Army and Navy Building, 3^rd Floor, 148, M.G. Road, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22844568/ 22843287/ 22832390
Fax No.:	91-22-22042269
PAN No.:	AAAFV1284F
Associates/Subsidiaries :	Capital Foods Limited, India Address: Villa Capital, Sadhana Compound, Oshiwara Bridge, S.V. Road, Jogeshwari (West), Mumbai – 400 102, Maharashtra, India Line of Business: Manufacturer of Food Products

CAPITAL STRUCTURE

As on 25.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	15.346	9.038
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	15.446	9.138
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	40.382	14.894
(b) Trade payables	6.452	18.003
(c) Other current liabilities	1.977	2.894
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	48.811	35.791
TOTAL	64.257	44.929
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.580	0.016
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.257
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.060	0.060
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.475	0.036
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1.115	0.369
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	20.721	32.667
(c) Trade receivables	40.418	11.756
(d) Cash and cash equivalents	0.275	0.612
(e) Short-term loans and advances	1.728	(0.475)
(f) Other current assets	0.000	0.000
Total Current Assets	63.142	44.560
TOTAL	64.257	44.929

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		4.897
4] (Accumulated Losses)		0.000
NETWORTH		4.997
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		4.997
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.060
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.448
	Sundry Debtors	12.857
	Cash & Bank Balances	4.577
	Other Current Assets	0.040
	Loans & Advances	1.784
Total Current Assets		22.706
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.769
	Other Current Liabilities	1.152
	Provisions	3.866
Total Current Liabilities		17.787
Net Current Assets		4.919
MISCELLANEOUS EXPENSES		0.018
TOTAL		4.997

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
TOTAL TURNOVER	177.055	94.699	65.900
TOTAL EXPENDITURE	NA	NA	NA
PROFIT BEFORE TAX	8.808	5.388	7.946
TAX	2.500	1.250	2.500
PROFIT AFTER TAX	6.308	4.140	5.446
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	9.038	4.898	0.549
BALANCE CARRIED TO THE B/S	15.346	9.038	4.898
Earnings Per Share (Rs.)	630.80	414.00	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	13.85	12.08	35.00
Return on Investment (ROI) (PBT/Networth)		0.57	0.59	1.59
Debt Equity Ratio (Total Debt /Networth)		2.61	1.63	0.00
Current Ratio (Current Asset/Current Liability)		1.29	1.24	1.27

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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]	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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Considered Goods	40.382	14.894
Total	40.382	14.894

NOTE: NO CHARES EXIST FOR COMPANY

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. 61.11
UK Pound	1	Rs. 94.77
Euro	1	Rs. 84.54

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.