MIRA INFORM REPORT

Report Date :

01.07.2013

IDENTIFICATION DETAILS

Name :	MORDE FOODS PRIVATE LIMITED
Registered Office :	55/1, Victoria Building, Dr. Ambedkar Road, Byculla (East), Mumbai – 400 027, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.02.2006
Com. Reg. No.:	11-159670
Capital Investment / Paid-up Capital :	Rs.9.100 Millions
CIN No.: [Company Identification No.]	U15200MH2006PTC159670
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cocoa Chocolate Products for Industrial uses.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track record. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to regular 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.

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 DECLINED BY

Name :	Mr. Shridhar Salunke
Designation :	Account Manager
Contact No.:	91-22-23737300
Date :	29.06.2013

LOCATIONS

Registered Office :	55/1, Victoria Building, Dr. Ambedkar Road, Byculla (East), Mumbai – 400 027, Maharashtra, India
Tel. No.:	91-22-23737300/23732373
Fax No.:	91-22-23725800
E-Mail :	m.harshal@morde.in sales@morde.in accounts@morde.in
Website :	www.mordechocolate.com
Factory :	At Post Manchar, Tahsil Ambegaon, Pune – 410503, Maharashtra, India.
Tel. No.:	91-2133-226333
Fax No.:	91-2133-223365
E-Mail :	m.sudhir@morde.in

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Chandrakant Eknath Morde
Designation :	Director
Address :	6^th Floor, Sterling Apartment, Diamond CHS Limited, Off Mount Marry Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	15.06.1946
Date of Appointment :	03.02.2006
DIN No.:	01839801
Name :	Mr. Harshal Chandrakant Morde
Designation :	Director
Address :	6^th Floor, Sterling Apartment, Diamond CHS Limited, Off Mount Marry Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	10.07.1975
Date of Appointment :	03.02.2006
DIN No.:	01839859
Name :	Mr. Sudhir Eknath Morde
Designation :	Director
Address :	D – 5, 701, Lunkad Gold Coast, Viman Nagar, Off Pune Nagar Road, Pune – 411 014, Maharashtra, India
Date of Appointment :	10.02.2006
Name :	Mr. Kishore Eknath Morde
Designation :	Director
Address :	1/ 87, 29, Shree Diamond Apartment, Diamond CHS Limited, Off Mount Marry Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Appointment :	10.02.2006

KEY EXECUTIVES

Name :	Mr. Shridhar Salunke
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Chandrakant Eknath Morde	36250
Harshal Chandrakant Morde	9250
Sudhir Eknath Morde	13750
Kishore Eknath Morde	13750
Shalini C. Morde	4500
Supriya C. Morde	4500
Sanjay B. Morde	4500
Mahesh B. Morde	4500
TOTAL	91000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	90.11
Other top fifty shareholders	9.89
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cocoa Chocolate Products for Industrial uses.

Products :

Product Description	Item Code No. (ITC Code)
Chocolate and Sugar Confectionery	15431
Chocolate Confectionery	13229
Chocolate, Plain and Milk Paste	13201

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Installed Capacity	Actual Production
Cocoa and Cocoa Products	20850 Tons p.a.	13100 Tons p.a.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

Central Bank of India, Byculla Branch, Dr. Ambedkar Marg, Byculla, Mumbai – 400027, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Rupee term loans from banks	2.731	5.745
Short Term Borrowings
Term loans from banks	20.015	0.000
TOTAL	22.746	5.745

Banking Relations :	--
Auditors :
Name :	D.M. Chitins Chartered Accountants
Address :	Asha, Raghavji Road, Gowalia Tank, Mumbai – 400 036, Maharashtra, India
Tel. No.:	91-22-23883636/ 23861126
Fax No.:	91-22-66546972
PAN No:	AABPC5813G

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
91000	Equity Shares	Rs.100/- each	Rs.9.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.100	9.100
(b) Reserves & Surplus	892.656	632.248
(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)	901.756	641.348
(3) Non-Current Liabilities
(a) long-term borrowings	193.649	200.137
(b) Deferred tax liabilities (Net)	45.751	35.277
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	13.768	0.000
Total Non-current Liabilities (3)	253.168	235.414
(4) Current Liabilities
(a) Short term borrowings	20.015	0.000
(b) Trade payables	70.573	71.331
(c) Other current liabilities	38.393	38.047
(d) Short-term provisions	11.096	13.181
Total Current Liabilities (4)	140.077	122.559
TOTAL	1295.001	999.321
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	501.924	389.040
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	8.248	26.655
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.009	0.009
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	45.508	12.055
(e) Other Non-current assets	10.400	0.025
Total Non-Current Assets	566.089	427.784
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	442.304	302.730
(c) Trade receivables	191.329	151.966
(d) Cash and cash equivalents	42.340	80.425
(e) Short-term loans and advances	52.809	35.843
(f) Other current assets	0.130	0.573
Total Current Assets	728.912	571.537
TOTAL	1295.001	999.321

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.100
2] Share Application Money		0.000
3] Reserves & Surplus		435.175
4] (Accumulated Losses)		0.000
NETWORTH		444.275
LOAN FUNDS
1] Secured Loans		3.454
2] Unsecured Loans		197.158
TOTAL BORROWING		200.612
DEFERRED TAX LIABILITIES		0.000
TOTAL		644.887
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		308.787
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	210.419
	Sundry Debtors	150.850
	Cash & Bank Balances	34.018
	Other Current Assets	0.000
	Loans & Advances	198.133
Total Current Assets		593.420
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	65.396
	Other Current Liabilities	1.184
	Provisions	190.740
Total Current Liabilities		257.320
Net Current Assets		336.100
MISCELLANEOUS EXPENSES		0.000
TOTAL		644.887

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		1891.985	1361.843
		Other Income		11.627	2.587
		TOTAL (A)	2634.072	1903.612	1364.430
	EXPENSES
		Consumption of Materials		1428.136	992.538
		Manufacturing Expenses		104.164	80.904
		Employees’ Remuneration and Benefits		67.859	41.770
		Administrative and Other Expenses		24.931	18.512
		Selling and Distribution Expenses		6.726	8.281
		Increase/ Decrease in Stocks of Finished Goods		(19.795)	(24.438)
		Increase/ Decrease in Stocks of Work in Progress		(25.079)	(0.884)
		TOTAL (B)	2227.769 [Including Financial Expenses and Depreciation]	1586.942	1116.683
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			316.670	247.747
Less	FINANCIAL EXPENSES (D)			1.931	0.804
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			314.739	246.943
Less/ Add	DEPRECIATION/ AMORTISATION (F)			18.682	15.954
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		395.571	296.057	230.989
Less	TAX (H)		135.163	98.984	78.897
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		260.408	197.073	152.092
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		587.248	390.175	158.169
	BALANCE CARRIED TO THE B/S		847.656	587.248	310.261
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	7.791	28.482	11.327
	TOTAL EARNINGS		7.791	28.482	11.327
	Earnings / (Loss) Per Share (Rs.)		2861.63	2165.64	1671.34

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.89	10.35	11.15
Net Profit Margin (PBT/Sales)	(%)	NA	15.65	16.92
Return on Total Assets (PBT/Total Assets}	(%)	30.74	30.44	38.93
Return on Investment (ROI) (PBT/Networth)		0.44	0.46	0.52
Debt Equity Ratio (Total Debt/Networth)		0.23	0.31	0.45
Current Ratio (Current Asset/Current Liability)		5.20	4.66	2.31

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012 [Rs. in millions]	31.03.2011 [Rs. in millions]	31.03.2010 [Rs. in millions]
Sundry Creditors	70.573	71.331	65.396

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	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	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

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Deferred sales tax loan	38.614	41.508
Loans and advances from related parties	152.304	152.884
TOTAL	190.918	194.392

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U15200MH2006PTC159670
Name of the company	MORDE FOODS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	55/1, Victoria Building, Dr. Ambedkar Road, Byculla (East), Mumbai – 400 027, Maharashtra, India
Type of charge	Movable Property [not being pledge] Others
Particular of charge holder	Central Bank of India, Byculla Branch, Dr. Ambedkar Marg, Byculla, Mumbai – 400027, Maharashtra, India Email: bmmums0632@centralbank.co.in
Nature of description of the instrument creating or modifying the charge	Articles of Agreement and Letter of Hypothecation dated 29.11.2012.
Date of instrument Creating the charge	29.11.2012
Amount secured by the charge	Rs.30.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12.75% with monthly rest. Extent and Operation of the charge Hypothecation of Plant and Machinery and Equipment and Letter of Hypothecation.
Short particulars of the property charged	Hypothecation of Plant and Machinery and Equipment and Moveable Machinery and spare parts situated at 13/1 to 16, Manchar, Taluka Ambegaon, District Pune.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Electrical Installation
• Tools and Equipments
• Lab Equipments
• Office Equipments
• Furniture and Fixtures
• Vehicles
• Computer
• Wind Electric Generator
• Work in Progress

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.59.70
UK Pound	1	Rs.91.14
Euro	1	Rs.77.98

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.