MIRA INFORM REPORT

Report Date :

08.06.2013

IDENTIFICATION DETAILS

Name :	INDO BAKELS PRIVATE LIMITED
Registered Office :	43-C, Mittal Tower, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.01.1996
Com. Reg. No.:	11-096157
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U15100MH1996PTC096157
Legal Form :	Private Limited Liability Company
Line of Business :	Suppliers of ingredients to the baking industry.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears dip in the profitability during 2012. However, general financial position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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 – 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 :	43-C, Mittal Tower, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22873636 / 22881026
Fax No.:	91-22-22020065
E-Mail :	flourmill@vsnl.net indobakels@bakels.in sales@bakels.in
Website :	http://www.bakels.in

DIRECTORS

As on: 25.09.2012

Name :

Mr. Ajay Bilasrai Goyal

Designation :

Director

Address :

106/107, Panchsheel, C Road, Churchagte, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

30.09.1964

Date of Appointment :

11.01.1996

DIN No.:

00080954

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	U15311MH1973PTC016230	SHIVAJI ROLLER FLOUR MILLS PRIVATE LIMITED.	Director	26/12/1985	26/12/1985	-	Active	NO
2	L51909PN1983PLC129492	INDIACO VENTURES LIMITED	Director	18/07/1987	18/07/1987	15/03/2007	Active	NO
3	U67120MH1994PTC079018	MUSKAN SECURITIES PRIVATE LIMITED	Director	16/06/1994	16/06/1994	02/08/2007	Active	NO
4	U67120MH1995PLC093431	SHIVAJI FINVEST PRIVATE LIMITED	Director	09/10/1995	09/10/1995	-	Active	NO
5	U15140MH1990PTC057004	SHIVAJI FOODS PRIVATE LIMITED	Director	09/01/1996	09/01/1996	-	Active	NO
6	U15100MH1996PTC096157	INDO BAKELS PRIVATE LIMITED	Director	11/01/1996	11/01/1996	-	Active	NO
7	U51990DL1940GAP000576	ROLLER FLOUR MILLERS FEDERATION OF INDIA.	Director	17/12/1996	17/12/1996	-	Active	NO

Name :

Mr. Uttamchand Sharma

Designation :

Director

Address :

Shivaji Roller Flour Mills, Thane Belapur Road, Airoli, Navi Mumbai – 400708, Maharashtra, India

Date of Birth/Age :

17.06.1960

Date of Appointment :

02.04.2011

DIN No.:

03260060

Name :

Mr. Armin Ulrich

Designation :

Director

Address :

Quaistrasse, 12, Seepark Haus Nord, Kussnacht – 6403, Switzerland

Date of Birth/Age :

05.03.1949

Date of Appointment :

01.11.1996

DIN No.:

02332283

Name :

Mr. Duncan Philips Loney

Designation :

Director

Address :

10, Lynton Road, Mucklands beach, Mankau – 2012

Date of Birth/Age :

26.03.1946

Date of Appointment :

23.12.2005

DIN No.:

02477469

MAJOR SHAREHOLDERS

As on: 25.09.2012

Names of Shareholders	No. of Shares
Ajay Goyal	14270
Sumitradevi Goyal	10500
Bilasrai Goyal	13500
Bilasrai Goyal HUF	11000
Bilasrai Goyal & Sons HUF	2000
Sonia Goyal	4500
Shivaji Roller Flour Mills Pvt. Ltd., India	6750
EMU AG, Switzerland	102000
Ajay Goyal HUF	33480
Mehak Goyal Through Ajay Goyal	1000
Muskan Goyal Through Ajay Goyal	1000
Total	200000

Equity Share Break up (Percentage of Total Equity)

As on: 25.09.2012

Category	Percentage
Bodies corporate	6.75
Directors or relatives of Directors	42.25
Other top fifty shareholders	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Suppliers of ingredients to the baking industry.
Products :	Bakery Ingredients

PRODUCTION STATUS

Particulars	Unit	31.03.2011
Actual Production	Kg.	472700

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Oriental Bank of Commerce, Mandvi Branch, AGH Chambers, 1st Floor, 379/381, Narsi Natha Street,, Mumbai - 400009, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short-term borrowings
Loans From Banks - Others	9.788	(0.853)
Total	9.788	(0.853)

Banking Relations :	--
Auditors :
Name :	S. J. Agrawal and Associates Chartered Accountants
Address :	B-607, Lok Tirth Apartment, Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India
PAN No.:	AACFS5625C

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 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		20.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		20.884	16.974	8.824
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		40.884	36.974	28.824
LOAN FUNDS
1] Secured Loans		9.788	(0.853)	8.781
2] Unsecured Loans		40.000	40.063	48.326
TOTAL BORROWING		49.788	39.210	57.107
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		90.672	76.184	85.931
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.520	5.726	18.068
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	47.811	37.570	45.187
	Sundry Debtors	44.145	35.074	34.251
	Cash & Bank Balances	0.927	1.962	0.574
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.699	3.877	2.231
Total Current Assets		96.582	78.483	82.243
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.358	3.599	9.782
	Other Current Liabilities	5.822	2.676	2.403
	Provisions	0.250	1.750	2.195
Total Current Liabilities		12.430	8.025	14.380
Net Current Assets		84.152	70.458	67.863
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		90.672	76.184	85.931

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover/ Income	220.024	200.884	115.764
		Other Income	NA	0.567	1.892
		TOTAL	NA	201.451	117.656
Less	EXPENSES
		Office Expenses	NA	188.874	109.593
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	188.874	109.593
	PROFIT BEFORE TAX		6.236	12.577	8.063
Less	TAX		NA	3.753	2.195
	PROFIT AFTER TAX		NA	8.824	5.868
	EARNINGS IN FOREIGN CURRENCY		0.551	5.199	0.000
	Earnings Per Share (Rs.)		NA	176.49	29.34

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	4.38	4.99
Net Profit Margin (PBT/Sales)	(%)	2.83	6.26	6.97
Return on Total Assets (PBT/Total Assets}	(%)	6.05	14.94	8.04
Return on Investment (ROI) (PBT/Networth)		0.15	0.34	0.28
Debt Equity Ratio (Total Debt /Networth)		1.22	1.06	1.98
Current Ratio (Current Asset/Current Liability)		7.77	9.78	5.72

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	Yes
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	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

FINANCIAL RESULTS:

The Company during the year has achieved an all time high business turnover of Rs. 220.024 Millions, an Increase of 10% over previous year turnover of Rs. 200.884 Millions. The Company earned a PBT of Rs.6.236 Millions during the year as against Profit of Rs. 12.577 Millions during the last year.

UNSECURED LOAN

Particulars	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
From Bodies Corporate	25.100	25.163
From Directors/Relatives	14.900	14.900
Total	40.000	40.063

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U15100MH1996PTC096157
Name of the company	INDO BAKELS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	43-C Mittal Towernariman Point, Mumbai – 400021, Maharashtra, India flourmill@vsnl.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90142087
Type of charge	Book debts Movable property (not being pledge) Others (Stock, Plant and Machinery)
Particular of charge holder	Oriental Bank of Commerce, Mandvi Branch, Agh Chambers, 1st Floor, 379/381, Narsi Natha Street, Mumbai – 400009, Maharashtra, India emailroc@rediffmail.com
Nature of instrument creating charge	Supplemental Agreement to Secure Credit / Loan Facilities
Date of instrument Creating the charge	25.04.2012
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest Rate or such other rate As agreed between the borrower company and the Bank from time to time. Penal Interest @ 2% p.a. over and above the normal interest rate in case of default. Terms of Repayment Repayment, As agreed between the borrower company and the Bank from time to time. Margin Margin Rate, As agreed between the borrower company and the Bank from time to time. Extent and Operation of the charge At the request of the Borrower company the Bank has enhanced Sub-Limit to Cash credit [Forward Contract Rs.7.500 Millions in addition to existing CC-Rs.20.000 Millions, Sub-Limit to CC (L/C Rs.7.500 Millions)] against Hypothecation of stocks of RM,WIP, FG of Bakery Items, Cofectionery and ingredients and entire Receivables and Plant and Machinery both present and Future Situated at MIDC Taloja and elsewhere in India. The Total charge stands at Rs.20.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stocks of RM,WIP, FG of Bakery Items, Cofectionery and ingredients and entire Receivables and Plant and Machinery both present and Future Situated at MIDC Taloja and elsewhere in India.
Particulars of the present modification	At the request of the Borrower company the Bank has enhanced Sub-Limit to Cash credit [Forward Contract Rs.7.500 Millions in addition to existing CC-Rs.20.000 Millions, Sub-Limit to CC (L/C Rs.7.500 Millions)] against Hypothecation of stocks of RM, WIP, FG of Bakery Items, Cofectionery and ingredients and entire Receivables and Plant and Machinery both present and Future Situated at MIDC Taloja and elsewhere in India. The Total charge stands at Rs.20.000 Millions

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments

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.56.74
UK Pound	1	Rs.88.53
Euro	1	Rs.75.20

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.