MIRA INFORM REPORT

Report Date :

26.02.2013

IDENTIFICATION DETAILS

Name :	ENTEL FOOD PRODUCTS PRIVATE LIMITED
Registered Office :	SIDHWA House, 3^rd Floor, M Asawant Marg, Colaba, Mumbai - 400005, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.07.1987
Com. Reg. No.:	11-044173
Capital Investment / Paid-up Capital :	Rs. 0.500 million
CIN No.: [Company Identification No.]	U15100MH1987PTC044173
TAN No.: [Tax Deduction & Collection Account No.]	MUME05830G
PAN No.: [Permanent Account No.]	AAACE7857L
Legal Form :	Private Limited Liability Company.
Line of Business :	Supplier of Frozen Seafood
No. of Employees :	Not Available

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 49000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. 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.

LOCATIONS

Registered Office :	SIDHWA House, 3^rd Floor, M Asawant Marg, Colaba, Mumbai - 400005, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	hasita@eth.net entelfood@gmail.com
Administrative Office :	C – 21 / 6, TTC Industrial Area, MIDC, Pawne Village, Turbhe, Navi Mumbai 400703, Maharashtra, India
Tel. No.:	91-22-27681943
Mobile No.:	91-9820078117 (Ms. Veera Somaya)
Fax No.:	91-22-27617115

DIRECTORS

As on 29.09.2012

Name :

Ms. Veera Nirmal Somaya

Designation :

Director

Address :

2/4, mahalaxmi Colony, Woollen Mill Road, Mahim, Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

02.09.1960

Voter ID No. :

AHUPS1813L

Date of Appointment :

01.02.1997

DIN No.:

00481805

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	U15100MH1987PTC044173	ENTEL FOOD PRODUCTS PRIVATE LIMITED	Director	01-02-97	01-02-97	-	Active	NO
2	U24110MH1987PLC044801	HMG INDUSTRIES LIMITED	Director	29-12-11	29-12-11	-	Active	NO

Name :

Mr. Aashish Vasant Chavan

Designation :

Director

Address :

Plot No.169, Flat No.7, Sector 28, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Birth/Age :

30.06.1964

Voter ID No. :

AAWPC2710K

Date of Appointment :

01.02.1997

DIN No.:

00481739

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Somaya Nirmal Veera	1400
Chavan Vasant Aashish	100
Goel Avinash Renuka	1750
Hajeebhoy Zaki Methoo	1750
Total	5000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	30.00
Other top fifty shareholders	70.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Supplier of Frozen Seafood

Products :

ITE Code	Product Description
16.04	Frozen Seafood

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Frozen Foods	Qty (Tons)	2745.238

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Kotak Mahindra Bank

· Standard Chartered Bank

· Barclays Finance

· Bank of Baroda

· ICICI Bank

· HSBC Bank

· Vijaya Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
from banks	2.507	3.502
Total	2.507	3.502
(Business loan from Barclays finance are secured against personal guarantee by Directors and vehicle from ICICI Bank are secured against hypothecation of vehicles)
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Short-term borrowings
from directors & relatives	0.780	0.880
from shareholders	11.200	8.700
Total	11.980	9.580

Banking Relations :	--
Auditors :
Name :	N S Gokhale and Company Chartered Accountants
Address :	104, Siddharth Darshan, 1^st Floor, Dada Patil Wadi, Dada Patil MArg, Thane 400602, Maharashtra, India
PAN.:	AAAFN1445J
Company in which KMP/Relatives of KMP exercise significant influence	HMG Industries Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs. 100 /- each	Rs. 0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs. 100 /- each	Rs. 0.500 million

(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particulars	Opening balance	Fresh issue	Bonus	ESOP	Conversion	Buy back	Other changes	Closing balance
Equity shares with voting rights
- Number of shares	5,000	--	--	--	--	--	--	5,000
- Rs. In Millions	0.500	--	--	--	--	--	--	0.500

Details of shares held by each shareholder holding more than 5% shares:

Class of shares/Name of shareholder	Number of shares held	% holding in that class of
Equity shares with voting rights	1,750	35.00%
Renuka A Goel	1,750	35.00%
Methoo Z Hajeebhoy	1,400	28.00%
Veera Somaya	4,900

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11.826	9.134	6.136
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.326	9.634	6.636
LOAN FUNDS
1] Secured Loans		2.507	3.502	1.726
2] Unsecured Loans		11.980	9.580	4.080
TOTAL BORROWING		14.487	13.082	5.806
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		26.813	22.716	12.442
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.168	1.570	1.851
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	14.837	12.220	16.860
	Sundry Debtors	34.113	30.962	10.054
	Cash & Bank Balances	3.304	4.358	5.408
	Other Current Assets	11.500	0.069	0.042
	Loans & Advances	2.643	8.320	5.515
Total Current Assets		66.397	55.929	37.879
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.317	28.143	22.828
	Other Current Liabilities	2.055	1.461	1.259
	Provisions	7.380	5.179	3.201
Total Current Liabilities		41.752	34.783	27.288
Net Current Assets		24.645	21.146	10.591
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		26.813	22.716	12.442

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	316.890
		Other Income	0.214
		TOTAL (A)	317.104
Less	EXPENSES
		Cost of Materials consumed / Purchase of stock-in-trade	239.001
		Increase/(Decrease) in inventories of shares	(1.758)
		Employee benefit expenses	3.252
		Other expenses	67.109
		TOTAL (B)	307.604
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.500
Less	FINANCIAL EXPENSES (D)		2.546
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.954
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.344
	PROFIT BEFORE TAX (E-F) (G)		6.610
Less	TAX (H)		2.200
	PROFIT AFTER TAX (G-H) (I)		4.410
	Earnings Per Share (Rs.)		882.06

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Sales / Service	221.298	160.584
		Other Income	0.000	0.587
		TOTAL (A)	221.298	161.171
Less	EXPENSES
		Cost of Materials	148.861	105.210
		Materials Consumed Fresh	0.417	1.968
		Purchase Trading	0.324	0.216
		Increase/(Decrease) in Finished Goods	4.528	7.410
		Administrative Expenses	58.693	41.011
		TOTAL (B)	212.823	155.815
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.475	5.356
Less	FINANCIAL EXPENSES (D)		2.029	1.672
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.446	3.684
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.285	0.336
	PROFIT BEFORE TAX (E-F) (G)		6.161	3.348
Less	TAX (H)		1.978	1.076
	PROFIT AFTER TAX (G-H) (I)		4.183	2.272
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.036	2.583
Less	APPROPRIATIONS
		Transfer to General Reserve	3.000	1.000
		Dividend	1.000	0.700
		Tax on Dividend	0.185	0.119
	BALANCE CARRIED TO THE B/S		3.034	3.036
	Earnings Per Share (Rs.)		836.71	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.39	1.89	1.40
Net Profit Margin (PBT/Sales)	(%)	2.09	2.78	2.08
Return on Total Assets (PBT/Total Assets}	(%)	9.64	10.71	8.42
Return on Investment (ROI) (PBT/Networth)		0.54	0.63	0.50
Debt Equity Ratio (Total Debt /Networth)		1.18	1.36	0.87
Current Ratio (Current Asset/Current Liability)		1.59	1.60	1.38

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	Yes
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

FIXED ASSETS

· Plant and Machinery

· Office Equipments

· Computers

· 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.54.06
UK Pound	1	Rs.82.15
Euro	1	Rs.70.61

INFORMATION DETAILS

Report Prepared by :

NTH

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
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.