MIRA INFORM REPORT

Report Date :

20.07.2013

IDENTIFICATION DETAILS

Name :	RELISH AGROFOOD (INDIA) PRIVATE LIMITED
Registered Office :	547/15, 2^nd Floor, Modi Building, Opposite Zakariya Maszid, Near Kalupur Police Station, Relief Road, Ahmedabad – 380 001, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.10.2007
Com. Reg. No.:	04-051908
Capital Investment / Paid-up Capital :	Rs.10.000 millions
CIN No.: [Company Identification No.]	U15139GJ2007PTC051908
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Indian Spices, Frozen Vegetables, Frozen Fruits and Processed Food.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 108000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has recorded modest scale of operation. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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

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 :	547/15, 2^nd Floor, Modi Building, Opposite Zakariya Maszid, Near Kalupur Police Station, Relief Road, Ahmedabad – 380 001, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9725017163 (Mr. Abid Deraiya) 91-9725017162 (Mr. Aasif Deraiya)
Fax No.:	Not Available
E-Mail :	pandhi77@rediffmail.com abid.deraiya@relishagrofood.com asif.deraiya@relishagrofood.com imran.deraiya@relishagrofood.com
Website :	http://relishagrofood.com
Admin Office :	Survey No.778/1, Near Sadanapura Bus Stop, Aanand-Samarkha Road, Samarkha, Anand, Gujarat, India
Branch Office :	Relish Compound, Near Vegetables Market, Damanagar – 365 220, Gujarat, India
Plant :	Located at: · Samarkha, Anand, Gujarat, India
Overseas Office :	Mount Street, Brade Ford U.K.Bd4 8ta, U. K.
Tel. No.:	+ 44 1274724444
Fax No.:	+ 44 12744722239

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Aasif Jamalbhai Deraiya
Designation :	Director
Address :	Behind Vegetables Market, Damanagar – 365 220, Gujarat, India
Date of Birth/Age :	22.07.1970
Date of Appointment :	05.10.2007
DIN No.:	01686089
Name :	Mr. Iqbal Isabhai Deraiya
Designation :	Director
Address :	Behind Vegetables Market, Damanagar – 365 220, Gujarat, India
Date of Birth/Age :	01.06.1964
Date of Appointment :	05.10.2007
DIN No.:	01686105
Name :	Mr. Abid Jamalbhai Deraiya
Designation :	Director
Address :	Behind Vegetables Market, Damanagar – 365 220, Gujarat, India
Date of Birth/Age :	04.10.1974
Date of Appointment :	05.10.2007
DIN No.:	01686133

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Iqbalbhai Isabhai Deraiya	832500
Abid Jamalbhai Deraiya	105000
Aasif Jamalbhai Deraiya	10000
Yashminben Iqbalbhai Deraiya	7500
Jinnatben Harunbhai Deraiya	7500
Harunbhai Isabhai Deraiya	7500
Imranbhai Jamalbhai Deraiya	7500
Sarafaraz Hanifbhai Deraiya	7500
Javedbhai Hanifbhai Deraiya	5000
Roshanben Hanifbhai Deraiya	5000
Ashmaben Aasifbhai Deraiya	5000
Total	1000000

Names of Allottees	No. of Shares
Abid Jamalbhai Deraiya	105000
Aiyubbhai Mohmadbhai Vohra	60000
Ashmben Assifbhai Deraiya	60000
Ayubbhai Inayatbhai Vohra	20000
Batulben Imranbhai Deraiya	60000
Chand Transport, India	10000
Faisal Bricks, India	20000
H.S. Bricks, India	10000
Khalifa Mohmed Aslam H	20000
Pravinben Aabidbhai Deraiya	60000
Rahimaben Vohra	195000
Rehmatben Jamalbhai Deraiya	260000
Roshanben Hanifbhai Deraiya	60000
Sabbir H	20000
Safibhai Hasanbhai Vohra	20000
Sahiraben Safibhai Vohra	10000
Yasinbhai Yunusbhai Vohra	10000
Total	1000000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Indian Spices, Frozen Vegetables, Frozen Fruits and Processed Food.

Products :

Item Code No. (ITC Code)	41909
Product Description	Frozen Fruits and Vegetable

PRODUCTION STATUS [AS ON 31.03.2012]

i) Licensed Capacity: Not Applicable

ii) Installed Capacity (Per Annum):

[Optimum production capacity as certified by the management on the basis of standard production mix]

Name of Product	U. O. M.	31.03.2012
Vegetables and Fruits etc.	Kgs.	1000000

Production of Finished Goods:

Name of Product	U. O. M.	31.03.2012
All types of Fruits and Vegetables	Kgs.	1330142

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of Saurashtra, Mid Corporate Branch, "Zodiac" Avenue, Opposite Commissioner's Bunglow, Law Garden, Ahmedabad - 380006, Gujarat, India
• The Kheda Jilla Madhyasth Sahkari Bank Limited, KDCC Bhavan, Sardar Patel Road, Nadiad, Kheda – 388 001, Gujarat, India
• State Bank of India, Specialised Commercial Branch, Jay Laxmi Plaza, Ganesh Crossing, Anand – 388 001, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans from Banks Kheda Dist Credit Co-Operative Bank Limited – Term Loan 1 (Secured against equitable mortgage of land and building and personal guarantee of all directors)	14.744	15.016
Kheda Dist Credit Co-Operative Bank Limited – Term Loan 2 (Secured against equitable mortgage of land and building and personal guarantee of all directors)	28.164	0.000
State Bank of India – Car Loan (Secured against motor car personal guarantee of all directors)	0.210	0.298
Deposits	4.059	1.658
SHORT TERM BORROWINGS
Loans repayable on demand
State Bank of India-Cash Credit (Secured against hypothecation of stock/book debts and other movables and personal guarantee of all directors)	13.680	7.213
State Bank of India-EPC (Secured against hypothecation of stock/book debts and other movables and personal guarantee of all directors)	0.000	5.032
Total	60.857	29.217

Banking Relations :	--
Auditors :
Name :	A.R. Pandhi and Associates Chartered Accountants
Address :	405, Kalash-II, Near Jain Temple, Behind Navrangpura Post Office, Navrangpura, Ahmedabad – 380 009, Gujarat, India
PAN No:	AGWPP8124C
Memberships :	· APEDA - Agricultural and Processed Food Products Development Authority · FCER - Food Canning Establishment Registration, Food and Drug Administration · FPO - Fruit Product Order · GS1 India - (formerly EAN India) · IEC - Import Export Code, DGFT Spice Board of India
Related Parties :	· Relish Products-Damnagar · Raja Cotton Industries-Damnagar · Nyota Corporation-Damnagar

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 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	10.000	10.000
(b) Reserves & Surplus	5.896	4.022
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	11.000	5.950
Total Shareholders’ Funds (1) + (2)	26.896	19.972
(3) Non-Current Liabilities
(a) Long-term borrowings	48.137	17.932
(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)	48.137	17.932
(4) Current Liabilities
(a) Short term borrowings	13.680	12.245
(b) Trade payables	14.784	26.005
(c) Other current liabilities	1.045	0.718
(d) Short-term provisions	1.427	1.293
Total Current Liabilities (4)	30.936	40.261
TOTAL	105.969	78.165
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	74.634	32.883
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.330	0.330
(d) Long-term Loan and Advances	1.723	0.005
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	76.687	33.218
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	11.182	11.948
(c) Trade receivables	14.724	14.055
(d) Cash and cash equivalents	0.167	1.572
(e) Short-term loans and advances	3.004	17.144
(f) Other current assets	0.000	0.000
Total Current Assets	29.077	44.719
3. Miscellaneous Expenditure to the extent not written off or adjusted
Preliminary Expenses	0.205	0.228
TOTAL	105.969	78.165

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000
2] Share Application Money		0.000
3] Reserves & Surplus		3.022
4] (Accumulated Losses)		0.000
NETWORTH		13.022
LOAN FUNDS
1] Secured Loans		9.161
2] Unsecured Loans		0.960
TOTAL BORROWING		10.121
DEFERRED TAX LIABILITIES		0.000
TOTAL		23.143
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.699
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.330
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.317
	Sundry Debtors	7.340
	Cash & Bank Balances	0.742
	Other Current Assets	0.000
	Loans & Advances	20.199
Total Current Assets		37.598
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.976
	Other Current Liabilities	1.658
	Provisions	1.998
Total Current Liabilities		18.632
Net Current Assets		18.966
MISCELLANEOUS EXPENSES		0.148
TOTAL		23.143

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	77.790	68.138	88.336
		Other Income	0.049	0.009	1.673
		TOTAL (A)	77.839	68.147	90.009
Less	EXPENSES
		Purchase of Stock-in-Trade	35.136	39.862	84.483
		Changes in inventories of finished goods work in progress and stock in trade	0.766	(2.631)
		Direct Expenses	23.148	22.121
		Employee Benefit Expenses	3.319	2.534
		Other Expenses	2.761	2.240
		TOTAL (B)	65.130	64.126	84.483
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.709	4.021	5.526
Less	FINANCIAL EXPENSES (D)		6.533	1.450	2.742
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.176	2.571	2.784
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.798	0.996	0.898
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2.378	1.575	1.886
Less	TAX (H)		0.504	0.575	(0.052)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1.874	1.000	1.938
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	23.747	26.269	51.671
	TOTAL EARNINGS		23.747	26.269	51.671
	IMPORTS
		Purchase of Machinery Parts	3.726	0.143	2.417
		Purchase of Goods	0.000	0.000	3.769
	TOTAL IMPORTS		3.726	0.143	6.186
	Earnings / (Loss) Per Share (Rs.)		1.87	1.00	1.94

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.41	1.47	2.15
Net Profit Margin (PBT/Sales)	(%)	3.06	2.31	2.14
Return on Total Assets (PBT/Total Assets}	(%)	2.26	2.03	4.57
Return on Investment (ROI) (PBT/Networth)		0.09	0.08	0.14
Debt Equity Ratio (Total Debt/Networth)		2.30	1.51	0.78
Current Ratio (Current Asset/Current Liability)		0.94	1.11	2.02

LOCAL AGENCY FURTHER INFORMATION

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	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
Loans and advances from related parties	0.960	0.960
Total	0.960	0.960

Bankers Charges Report as per Registry

Corporate identity number of the company	U15139GJ2007PTC051908
Name of the company	RELISH AGROFOOD (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	547/15, 2^nd Floor, Modi Building, Opposite Zakariya Maszid, Near Kalupur Police Station, Relief Road, Ahmedabad – 380 001, Gujarat, India E-Mail: pandhi77@rediffmail.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	State Bank of India, Specialised Commercial Branch, Jay Laxmi Plaza, Ganesh Crossing, Anand – 388 001, Gujarat, India E-Mail: sbi.04084@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of loan-cum-hypothecation
Date of instrument Creating the charge	06.04.2013
Amount secured by the charge	Rs.15.000 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: 1.75% above base rate Terms of Repayment: On Demand Margin: Material=25% Receivables=50% Export Packing=10% of FOB value Extent and Operation of the charge: The charge shall cover stock of raw material, store, stock in process and finished goods and receivable.
Short particulars of the property charged	Hypothecation of stock of raw material, store, stock in process and finished goods and receivable

FIXED ASSETS:

· Land (Samarkha Plant)

· Building (Samarkha Plant)

· Office Building

· Plant and Machineries

· Computer and Software

· Electric Installations

· Office Equipments

· 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.59.79
UK Pound	1	Rs.91.03
Euro	1	Rs.78.52

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.