MIRA INFORM REPORT

Report Date :

05.06.2013

IDENTIFICATION DETAILS

Name :	FRIGORIFICO ALLANA LIMITED
Registered Office :	Allana House, 4 J A Allana Road, Colaba, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.09.1986
Com. Reg. No.:	11-040835
Capital Investment / Paid-up Capital :	Rs.7.921 Millions
CIN No.: [Company Identification No.]	U01220MH1986PLC040835
TAN No.: [Tax Deduction & Collection Account No.]	MUMF03668A / MUMF00315A
PAN No.: [Permanent Account No.]	AAACF0861F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Halal Meat, Veal Meat, Buffalo Meat, Lamb Meat etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 33000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and a reputed company having an excellent track record. The financial position of the company is sound and healthy. Directors are well-experienced and knowledgeable businessmen. The performance capability is high. Trade relations are praiseworthy. Business is active. Payment terms are regular and as per commitment. The company can be considered excellent 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

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 :	Allana House, 4 J A Allana Road, Colaba, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22811000/ 22874455
Fax No.:	91-22-22044821/ 22047002
E-Mail :	ankhan@allana.com allanasons@allana.com
Website :	www.allana.com
Corporate Office :	A. R. J. Allana Marg, 113 / 115, M.G Road, Fort, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-22628000/ 66569000
Fax No.:	91-22-22695700/ 22695701
E-Mail :	info@allana.com
Factory :	Post Box. 14, Paithan Road, Gevrai Village, Aurangabad – 431001, Maharashtra, India
Tel. No.:	91-240-2376452/ 2376593
Fax No.:	91-240-2376440
E-Mail :	falabd@allana.com

DIRECTORS

As on: 29.09.2012

Name :

Mr. Jayprakash Nandlal Atal

Designation :

Director

Address :

Bunglow No.2, Atur Park, V. N. Purva Marg, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

12.12.1950

Qualification :

B.E

Date of Appointment :

01.04.2010

DIN No.:

00226246

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	U01110MH1979PLC021488	ALLANA FROZEN FOODS LIMITED	Director	01/08/1984	01/08/1984	-	Active	NO
2	U65990MH1980PTC022462	ALLANA BROS PRIVATE LIMITED	Director	01/09/1986	01/09/1986	-	Active	NO
3	U01220MH1986PLC040835	FRIGORIFICO ALLANA LIMITED	Director	01/04/2010	16/10/1986	-	Active	NO
4	U24110MH1980PTC022461	ALLANA CHEMICALS AND OILS (INDIA) PRIVATE LIMITED	Director	17/11/1986	17/11/1986	-	Active	NO
5	U74999MH1989PLC051140	FRIGERIO CONSERVA ALLANA LIMITED	Director	16/05/1989	16/05/1989	-	Active	NO
6	U15100MH1992PLC068160	INDAGRO FOODS LIMITED	Whole-time director	01/10/2010	14/09/1993	-	Active	NO
7	U15130MH1994PTC078317	TIFFANY PROCESSED FOODS PRIVATE LIMITED	Director	25/05/1995	25/05/1995	-	Active	NO
8	U01222DL2005PTC132773	MAHAD AGRO PRIVATE LIMITED	Director	01/01/2008	01/01/2008	03/11/2008	Active	YES

Name :

Mr. Mehmood Siraj Sumar

Designation :

Additional Director

Address :

173, Dhudal Apartments, Madhuban Chowk, Pitampura, New Delhi – 110034, India

Date of Birth/Age :

12.12.1965

Qualification :

B.Com

Date of Appointment :

01.08.2002

DIN No.:

01986157

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	U29190MH1971PLC048613	ANJANEYA COLD STORAGE LIMITED	Director	18/12/1996	18/12/1996	-	Active	NO
2	U01220MH1986PLC040835	FRIGORIFICO ALLANA LIMITED	Additional director	01/08/2002	01/08/2002	-	Active	NO
3	U74999MH1989PLC051140	FRIGERIO CONSERVA ALLANA LIMITED	Additional director	15/04/2010	15/04/2010	-	Active	NO

Name :

Soeb Nooruddin Bhatri

Designation :

Director

Address :

27E, Mazagaon Terrace, Nesbit Road, Mazagaon, Mumbai – 400011, Maharashtra, India

Date of Birth/Age :

09.12.1951

Qualification :

B.Com, CA

Date of Appointment :

31.07.2004

DIN No.:

00152305

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	L74999MH1929PLC001503	IVP LIMITED	Director	29/01/2001	29/01/2001	15/07/2009	Active	NO
2	U24220MH1944PLC004157	MERCURY PAINTS AND VARNISHES LIMITED	Director	21/06/2002	21/06/2002	-	Active	NO
3	U15100MH1980PTC022602	ALLANA FELDA INDIA PRIVATE LIMITED	Director	08/07/2002	08/07/2002	-	Active	NO
4	U63023MH1984PTC031916	KALWA COLD STORAGE PRIVATE LIMITED	Director	05/02/2003	05/02/2003	-	Active	NO
5	U15100MH1994PLC078521	ALLANA INTERNATIONAL LIMITED	Director	20/03/2003	20/03/2003	-	Active	NO
6	U65990MH1983PTC030714	STHANAV HOLDINGS PRIVATE LIMITED	Director	20/03/2003	20/03/2003	-	Amalgamated	NO
7	U24120MH1985PTC036812	HORNBELL CHEMICALS AND PLASTICS PRIVATE LIMITED	Director	18/11/2003	18/11/2003	-	Active	NO
8	U63010MH1980PTC023083	PHOENICIA TRAVEL AND TRANSPORT PRIVATE LIMITED	Director	18/11/2003	18/11/2003	-	Active	NO
9	U51900MH1980PTC022955	ALLANA IMPORTS AND EXPORTS PRIVATE LIMITED	Director	18/11/2003	18/11/2003	-	Active	NO
10	U63020MH1973PLC016807	ALLANA COLD STORAGE LIMITED	Director	31/07/2004	31/07/2004	-	Active	NO
11	U01220MH1986PLC040835	FRIGORIFICO ALLANA LIMITED	Director	31/07/2004	31/07/2004	-	Active	NO
12	U05000MH1992PTC069099	ZAM ZAM FISHERIES PRIVATE LIMITED	Director	31/07/2004	31/07/2004	-	Active	NO
13	U15130MH1994PTC078317	TIFFANY PROCESSED FOODS PRIVATE LIMITED	Director	31/07/2004	31/07/2004	-	Active	NO
14	U65990MH1984PTC032299	SAAR INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	31/07/2004	31/07/2004	-	Amalgamated	NO
15	U65923MH1979PLC021050	ALLANA INVESTMENTS AND TRADING COMPANY LIMITED	Director	31/07/2004	31/07/2004	-	Active	NO
16	U01110MH1979PLC021488	ALLANA FROZEN FOODS LIMITED	Director	31/07/2004	31/07/2004	-	Active	NO
17	U67120MH1984PTC032562	AGRICOM INVESTMENTS AND TRADING PRIVATE LIMITED	Director	31/03/2005	31/03/2005	-	Amalgamated	NO
18	U65990MH1984PLC032824	ALLANA PHARMACHEM LIMITED	Additional director	09/10/2007	09/10/2007	-	Active	NO
19	U15140MH2005PTC154419	ALLANA ENTERPRISES PRIVATE LIMITED	Director	03/06/2008	03/06/2008	-	Active	NO
20	U15130MH1980PLC023304	ALLANA OIL MILLS LIMITED	Additional director	29/07/2010	29/07/2010	-	Active	NO

Name :

Mr. Dharam Bir Sabharwall

Designation :

Director

Address :

C/o Allanasons Limited, 10 SC India House, 2^nd Floor, Connaught Circus, New Delhi – 110001, India

Date of Birth/Age :

15.02.1945

Qualification :

M.A, LLB, FICA

Date of Appointment :

01.03.2005

DIN No.:

00713595

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	U01220MH1986PLC040835	FRIGORIFICO ALLANA LIMITED	Director	01/03/2005	01/03/2005	-	Active	NO
2	U01222DL2005PTC132773	MAHAD AGRO PRIVATE LIMITED	Director	01/01/2008	01/01/2008	03/11/2008	Active	YES
3	U29190MH1971PLC048613	ANJANEYA COLD STORAGE LIMITED	Director appointed in casual vacancy	30/06/2011	30/06/2011	-	Active	NO

Name :

Mr. Rafiq Razak Patel

Designation :

Director

Address :

Flat No. B/203, Meman Housing Society, Garkheda, Aurangabad – 431001, Maharashtra, India

Date of Birth/Age :

20.11.1958

Qualification :

B.Com

Date of Appointment :

15.04.2008

DIN No.:

02123363

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Allana Investments and Trading Company Limited, India	99000
Allana Cold Storage Limited, India	178000
Allanasins Limited, India	113000
Anjaneya Cold Storage Limited, India	162200
Allana Exports Limited, India	75000
Allana Frozen Foods Limited, India	58300
Frigerio Conserva Allana Limited, India	30000
Indagro Foods Limited, India	47100
Total	762600

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Halal Meat, Veal Meat, Buffalo Meat, Lamb Meat etc.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Rajendra and Company Chartered Accountants
Address :	1311, Dalamal Tower, 211, Nariman Point, Mumbai, Maharashtra, India
PAN No.:	AAAFB6405G

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
792100	Equity Shares	Rs.10/- each	Rs.7.921 Millions

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		7.921	7.921	7.921
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8244.927	6956.580	6172.181
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8252.848	6964.501	6180.102
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		62.159	59.800	54.051
TOTAL		8315.007	7024.301	6234.153
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1334.086	1327.692	1410.420
Capital work-in-progress		497.865	61.196	29.656
INVESTMENT		1208.682	1221.907	1221.333
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	927.658	704.217	837.620
	Sundry Debtors	4036.537	3333.308	2398.291
	Cash & Bank Balances	496.013	314.959	417.144
	Other Current Assets	54.490	37.352	0.611
	Loans & Advances	856.915	195.383	92.673
Total Current Assets		6371.613	4585.219	3746.339
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	194.667	64.521	76.102
	Other Current Liabilities	201.717	60.296	65.066
	Provisions	700.855	46.896	32.427
Total Current Liabilities		1097.239	171.713	173.595
Net Current Assets		5274.374	4413.506	3572.744
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8315.007	7024.301	6234.153

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	18359.638	13817.147	12726.607
		Other Income	0.620	8.876	13.911
		TOTAL (A)	18360.258	13826.023	12740.518
Less	EXPENSES
		Cost of materials consumed	13865.370	10583.181
		Purchases of stock-in-trade	780.373	219.463
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(123.452)	164.923
		Employee benefit expense	449.897	366.067
		Other Expenses	1306.552	1096.656
		TOTAL (B)	16278.740	12430.290	11317.310
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2081.518	1395.733	1423.208
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.003
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2081.518	1395.733	1423.205
Less/ Add	DEPRECIATION/ AMORTISATION (F)		159.054	167.337	150.254
	PROFIT BEFORE TAX (E-F) (G)		1922.464	1228.396	1272.951
Less	TAX (H)		634.117	443.998	428.823
	PROFIT AFTER TAX (G-H) (I)		1288.347	784.398	844.128
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6876.938	6092.539	5252.079
	BALANCE CARRIED TO THE B/S		8165.285	6876.938	6092.539
	Earnings Per Share (Rs.)		1626.00	990.00	1061.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.02	5.67	6.63
Net Profit Margin (PBT/Sales)	(%)	10.47	8.89	10.00
Return on Total Assets (PBT/Total Assets}	(%)	24.95	20.77	24.69
Return on Investment (ROI) (PBT/Networth)		0.23	0.18	0.21
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		5.81	26.70	21.58

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	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	No
24]	Banking facility details	No
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

REVIEW OF OPERATIONS:

During the year the Company achieved a turnover of Rs.18359.600 Millions as compared to Rs. 13817.100 Millions of previous year showing a growth of 13.17% over the previous year.

Net profit after tax is Rs.1288.300 Millions (previous year Rs.784.300 Millions).

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

Intangible Assets

· Computer Software

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.56.64
UK Pound	1	Rs.86.69
Euro	1	Rs.73.97

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		72

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.