MIRA INFORM REPORT

Report Date :

01.02.2013

IDENTIFICATION DETAILS

Name :	SAF YEAST COMPANY PRIVATE LIMITED
Registered Office :	419-420-422 Swastik Chambers, 4^th Floor, Junction of CST Road and Sion Trombay Road, Mumbai-400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	12.08.1981
Com. Reg. No.:	11-024975
Capital Investment / Paid-up Capital :	Rs.15.838 Millions
CIN No.: [Company Identification No.]	U15410MH1981PTC024975
TAN No.: [Tax Deduction & Collection Account No.]	KLPS04331F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Yeast Products, Food and Beverages.
No. of Employees :	500 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

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 :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management have failed to file its financial since 2008. Mr. Abhyankar the general manager has denied to part any information about the company. No information could be made available. Payment terms are unknown. The company can be considered for business dealings on a safe and secured 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.

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. Abhyankar
Designation :	General Manager
Contact No.:	91-22-25223364
Date :	01.02.2013

LOCATIONS

Registered Office :	419-420-422 Swastik Chambers, 4^th Floor, Junction of CST Road and Sion Trombay Road, Mumbai-400071, Maharashtra, India
Tel. No.:	91-22-25223364
Fax No.:	91-22-25223370 / 25221435
E-Mail :	sycl@vsnl.com
Location :	Owned
Factory :	C-3, Khadpoli Industrial Area, Taluka Chiplun, Ratnagiri, Maharashtra, India
Branch Office :	3-4-835/1, Barkatpura, Hyderabad-500027, Andhra Pradesh, India

DIRECTORS

As on 21.10.2008

Name :	Arunachalam Muthu Arunachalam
Designation :	Director
Address :	1, Hermes, 7/7 B Worli Sea Face, Worli, Mumbai-400025, Maharashtra, India
Date of Birth/Age :	28.05.1976
Date of Appointment :	24.10.1998
DIN No.:	01687714
Name :	Arunachalam Muthu Muthiah
Designation :	Director
Address :	1, Hermes, 7/7 B Worli Sea Face, Worli, Mumbai-400025, Maharashtra, India
Date of Birth/Age :	23.08.1980
Date of Appointment :	23.11.2002
DIN No.:	01866014
Name :	Mr. Pramod Balchandra Thatte
Designation :	Director
Address :	3, Sawan Mansion, Radha Swami Co-Operative Housing Society, Plot No. 27, Sector 18, Koparkhairne, Navi Mumbai-400709, Maharashtra, India
Date of Birth/Age :	04.11.1953
Date of Appointment :	30.06.1997
DIN No.:	01687763
Name :	Arunachalam Muthu
Designation :	Director
Address :	1, Hermes, 7/7 B Worli Sea Face, Worli, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	12.06.1943
Date of Appointment :	12.08.1981
DIN No.:	01687673
Name :	Alain Laloum
Designation :	Director
Address :	137, Rue Gabriel Peri, Marcq-En-Baroeul-059703, France
Date of Birth/Age :	10.06.1948
Date of Appointment :	12.08.1981
Name :	Lucien Lesaffre
Designation :	Director
Address :	137, Rue Gabriel Peri, Marcq-En-Baroeul-059703, France
Date of Birth/Age :	25.10.1946
Date of Appointment :	12.08.1981
Name :	Alain De Gouy
Designation :	Director
Address :	137, Rue Gabriel Peri, Marcq-En-Baroeul-059703, France
Date of Appointment :	30.06.1997
Name :	M.E. Lesaffre
Designation :	Director
Address :	137, Rue Gabriel Peri, Marcq-En-Baroeul-059703, France
Date of Birth/Age :	12.10.1948
Date of Appointment :	12.08.1981

KEY EXECUTIVES

Name :	Mr. Abhyankar
Designation :	Accounts Departments

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.10.2008

Names of Shareholders	No. of Shares
Arunachalam Muthu Arunachalam	10396
Arunachalam Muthu Muthiah	10397
A. Muthu	16800
T.N.M. Arunachalam	1800
Helios Food Additives Private Limited, India	38010
Nafan B.V. Netherlands, France	80772
B.B. Paymaster	200
Total	158375

As on 21.10.2008

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	51.00
Bodies corporate	24.00
Directors or relatives of directors	24.87
Other	0.13
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Yeast Products, Food and Beverages.

Products :

Product Description	Item Code
Yeast	2102.10

PRODUCTION STATUS (AS ON 31.03.2008)

Particulars	Unit	Licensed Capacity	Installed Capacity*	Actual Production [Kilograms]
Yeast	Metric Toones	20500	20500	29924485

Note:* As Certified by the management.

GENERAL INFORMATION

No. of Employees :

500 [Approximately]

Bankers :

Axis Bank, Mumbai, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2008 [Rs. in Millions]	As on 31.03.2007 [Rs. in Millions]
Term Loan From Bank	0.000	0.772
Vehicles Loan	0.287	0.877
Total	0.287	1.649
Unsecured Loan
Loans From Shareholders	0.000	42.854
Interest accrued and due on above loans	0.000	1.377
Deferred sales tax loan	21.720	21.720
Total	21.720	65.951

NOTE:

OUT OF THE LOANS FROM SHAREHOLDERS

1. Upto 40% of the loan from the foreign shareholder amounting to Rs. Nil (Rs.1.144 Millions) is convertible at the option of the lending company, into equity shares. The loan amount together with interest accrued and due Rs. nil (Rs.0.684 Million) was repaid in Indian rupees equivalent during the year.

2. Rs. 39.076 Millions is interest free loan of (1) US $ 58986 repayable in three equal installments commencing from September, 1993, and (2) US $ 850000 repayable in five equal installments commencing from January, 1998. The loan was repaid in full during the year.

3. Rs. 0.165 Million (Rs.0.165 Million) represents unpaid dividend for the year 1989-90 converted into loan on the basis of the letter which has also waived interest on loan and dividend. The loan was repaid in full during the year.

Banking Relations :	--
Auditors :
Name :	Sharp and Tannan Chartered Accountants
Address :	Ravindra Annexe, 194, Churchgate Reclamation, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-22047722/66338343-47
Fax No.:	91-22-66338352
E-Mail :	sharp@bom3.vsnl.net.in
Pan No.:	AAAFS2967E

CAPITAL STRUCTURE

As on 31.03.2008

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
158375	Equity Shares	Rs.100/- each	Rs.15.838 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		15.838	15.838	15.838
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		787.769	468.831	232.762
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		803.607	484.669	248.600
LOAN FUNDS
1] Secured Loans		0.287	1.649	5.304
2] Unsecured Loans		21.720	65.951	66.676
TOTAL BORROWING		22.007	67.600	71.980
DEFERRED TAX LIABILITIES		78.939	39.941	32.016
DEFERRED INCOME		11.752	7.806	2.747
TOTAL		916.305	600.016	355.343
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		496.556	325.657	274.394
Capital work-in-progress		28.461	24.990	24.634
INVESTMENT		0.738	0.738	0.724
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	177.746	163.246	114.168
	Sundry Debtors	20.341	29.169	31.778
	Cash & Bank Balances	452.340	276.838	161.777
	Other Current Assets	0.744	0.345	0.204
	Loans & Advances	249.707	177.528	145.195
Total Current Assets		900.878	647.126	453.122
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	259.097	210.026	235.785
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	251.231	188.469	161.746
Total Current Liabilities		510.328	398.495	397.531
Net Current Assets		390.550	248.631	55.591
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		916.305	600.016	355.343

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2008	31.03.2007	31.03.2006
	SALES
		Income
		Other Income
		TOTAL	1431.040	1227.989	1038.040
	EXPENSES
		Office Expenses
		Administrative Expenses	972.539	882.476	874.119
		Advertising Expenses
		TOTAL	972.539	882.476	874.119
	PROFIT BEFORE TAX		458.401	345.513	163.921
Less	TAX		92.839	67.306	10.533
	PROFIT AFTER TAX		365.562	278.207	153.388
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.057	NA	NA
	TOTAL EARNINGS		0.057	NA	NA
	Earnings Per Share (Rs.)		2308.20	1756.63	968.51

Particulars	31.03.2012	31.03.2011	31.03.2010
Sales Turnover [Approximately]	Not Divulged	1500.000	1450.000

The above information has been declined by Mr. Abhyankar.

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	25.55	22.66	14.77
Return on Total Assets (PBT/Total Assets}	(%)	32.80	35.52	22.53
Return on Investment (ROI) (PBT/Networth)		0.06	0.71	0.66
Debt Equity Ratio (Total Liability/Networth)		0.66	0.96	1.89
Current Ratio (Current Asset/Current Liability)		1.77	1.62	1.14

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2008 (Rs. in millions)	31.03.2007 (Rs. in millions)	31.03.2006 (Rs. in millions)
Due to others	259.097	209.873	235.722
Unpaid dividend	0.000	0.153	0.063
Total	259.097	210.026	235.785

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	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	No
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

PERFORMANCES:

During the year, the Company’s production registered a growth rate of 18.24% terms of volume over the previous year. For the year, the total sale of yeast was 29,924 metric tonnes as compared to 25,308 metric tonnes for the financial year 2006-2007 and the realization was Rs.1370.158 Millions against Rs.1188.586 Millions for the previous year.

The audited accounts for the year shows a profit of Rs.458.402 Millions as compared to Rs.345.513 Millions for the previous year, before providing for taxation. After providing for income tax Rs.52.500 Millions, Fringe benefit tax Rs.0.880 Million, wealth tax Rs.0.462 Million and deferred tax Rs.38.998 Millions and after making adjustments for incomes and expenditures and income tax for earlier years, the balance net profit amounting to Rs.365.251 Millions is available for appropriation. The increase in production volume and internal economies achieved by the company by better utilization of available resources have helped the company in improving its earnings significantly during the year under report. In keeping with the provisions of Accounting Standard 22, a provision for deferred tax has been made.

CONTINGENT LIABILITIES IN RESPECT OF (AS ON 31.03.2008)

1. Excise demand in appeal Rs.44.565 Millions

2. Sales tax demand in appeal Rs.13.665 Millions

3. The demand of Rs.3.151 Millions made by SICOM Limited (agents for Government of Maharashtra) towards the alleged- excess availment of a sales tax incentive till the date of repayment is not quantifiable. The company has filed a writ petition before the High Court of Judicature at Bombay against the said demand. By an interim order, the High Court has restrained SICOM from recovering the said amount until the matter is finally disposed of by the High Court.

FIXED ASSETS:

• Leasehold Land
• Building
• Plant and Machinery
• Electrical Installation
• Furniture and Fixtures
• 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 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.53.29
UK Pound	1	Rs.84.22
Euro	1	Rs.72.23

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		18

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.