MIRA INFORM REPORT

Report Date :

10.06.2013

IDENTIFICATION DETAILS

Name :	GAGAR FOODS PRIVATE LIMITED
Registered Office :	Block No. 1984, Near Navjivan Paper Mill, At Vamaj, Taluka Kadi, Mehsana – 382721, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.03.2007
Com. Reg. No.:	04-050352
Capital Investment / Paid-up Capital :	Rs. 3.000 Millions
CIN No.: [Company Identification No.]	U15132GJ2007PTC050352
TAN No.: [Tax Deduction & Collection Account No.]	AHMG03328D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Table Margarine, Mayonnaise Products, Soya Milk, etc.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 11700
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear some accumulated losses recorded during 2012. External borrowings are huge which acts as a threat to the liquidity of the company. However, trade relations are fair. Business is active. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings with great 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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Pragnesh Patel
Designation :	Director
Contact No.:	91-9909235444
Date :	08.05.2013

LOCATIONS

Registered Office :	Block No. 1984, Near Navjivan Paper Mill, At Vamaj, Taluka Kadi, Mehsana – 382721, Gujarat, India
Tel. No.:	91-2764-291803
Mobile No.:	91-9909235444 (Mr. Pragnesh Patel)
Fax No.:	Not Available
E-Mail :	gagarfoo@yahoo.co.in gagarfoodspvtltd@gmail.com dbpatelfca@yahoo.in
Website :	www.gagarfoods.com
Area :	3500 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2012

Name :	Mr. Babubhai Gandalal Patel
Designation :	Director
Address :	7/32, Soni Vas, At and Post Thol, Taluka-Kadi, Mehsana - 382721, Gujarat, India
Date of Birth/Age :	01.06.1950
Date of Appointment :	28.03.2007
DIN No.:	01192938
Name :	Mr. Pragneshkumar Babulal Patel
Designation :	Director
Address :	7/32, Soni Vas, At and Post Thol, Taluka-Kadi, Mehsana - 382721, Gujarat, India
Date of Birth/Age :	30.10.1978
Date of Appointment :	28.03.2007
DIN No.:	01412452
Name :	Mr. Jigneshkumar Babubhai Patel
Designation :	Director
Address :	11-B, Lal Bahadur Shastri Nagar Society, Near Ambika Nagar Bus Station, Kadi - 382721, Gujarat, India
Date of Birth/Age :	07.07.1974
Date of Appointment :	28.03.2007
DIN No.:	01192997

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Names of Shareholders	No. of Shares
Gandalal Babubhai Patel	155000
Jigneshkumar Babubhai Patel	2500
Pragneshkumar Babubhai Patel	112500
Shradaben Babubhai Patel	10000
Ranchodbhai S. Patel	10000
Kirtidaben P. Upadhyay	10000
Total	300000

AS ON 30.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Table Margarine, Mayonnaise Products, Soya Milk, etc.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Mayonnaise	Kgs	1962.00
Process Cheese	Kgs	2663.00
Ghee	Ltr	154.80
Prolite Cheese	Kgs	--
Table Margarine	Kgs	393280.52
Bread Spread	Kgs	7027.00

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

25 (Approximately)

Bankers :

Ø Bank of India, Kalol Branch, Near Vepari Jin, Kalol - 382721, Gujarat, India

Ø Dhanlaxmi Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loan from Bank of India [Secured by hypothecation of plant and machinery and Vehicles]	3.314	4.142
Hire purchase loan from Banks
Bank of India	0.189	0.263
Dhanlaxmi Bank [Secured by hypothecation of Vehicle]	0.142	0.000
Working Capital loan from Bank of India [Secured by hypothecation of Current Assets]	4.945	3.742
Total	8.590	8.147

Banking Relations :	--
Auditors :
Name :	Pandit Shah and Vakil Chartered Accountants
Address :	416, Anand Mangal Complex-1, B/H. Omkar House, C.G. Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26469038/ 26469039
E-Mail :	panditshahvakil@yahoo.in
Income-tax PAN of auditor or auditor's firm :	AADFP5855F

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs. 10/- each	Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs. 10/- each	Rs. 3.000 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		3.000	3.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.625
4] (Accumulated Losses)		(0.078)	(0.046)	0.000
NETWORTH		2.922	2.954	2.625
LOAN FUNDS
1] Secured Loans		8.590	8.147	4.737
2] Unsecured Loans		5.985	5.258	4.210
TOTAL BORROWING		14.575	13.405	8.947
DEFERRED TAX LIABILITIES		0.000	0.000	0.035
TOTAL		17.497	16.359	11.607
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.959	3.655	3.704
Capital work-in-progress		1.648	7.908	2.320
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.031	0.031	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.905	2.445	3.885
	Sundry Debtors	3.921	3.000	1.721
	Cash & Bank Balances	0.413	0.277	0.585
	Other Current Assets	0.017	0.043	0.000
	Loans & Advances	0.299	0.663	0.486
Total Current Assets		7.555	6.428	6.677
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.447	1.436	1.104
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.249	0.227	0.035
Total Current Liabilities		1.696	1.663	1.139
Net Current Assets		5.859	4.765	5.538
MISCELLANEOUS EXPENSES		0.000	0.000	0.045
TOTAL		17.497	16.359	11.607

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	37.011	28.655	22.446
		Other Income	0.000	0.045	0.011
		TOTAL (A)	37.011	28.700	22.457
Less	EXPENSES
		Cost of material consumed	26.489	19.448
		Changes in inventories of finished goods, work in progress and stock in trade	(0.020)	2.155
		Employee benefit Expenses	3.945	3.658
		Other Expenses	3.039	2.352
		TOTAL (B)	33.453	27.613	20.249
Less	PROFIT/ [LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.558	1.087	2.208
Less	FINANCIAL EXPENSES (D)		2.053	1.190	1.185
	PROFIT/ [LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.505	(0.103)	1.023
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.538	0.633	0.688
	PROFIT/ [LOSS] BEFORE TAX (E-F) (G)		(0.033)	(0.736)	0.335
Less	TAX (H)		0.000	(0.066)	0.150
	PROFIT/ [LOSS] AFTER TAX (G-H) (I)		(0.033)	(0.670)	0.185
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.046)	0.624	0.439
	BALANCE CARRIED TO THE B/S		(0.079)	(0.046)	0.624
	Earnings/ [Loss] Per Share (Rs.)		(0.11)	(2.23)	0.93

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.09)	(2.33)	(0.82)
Net Profit Margin (PBT/Sales)	(%)	(0.09)	(2.57)	(1.49)
Return on Total Assets (PBT/Total Assets}	(%)	(0.19)	(7.30)	(3.23)
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.07)	(0.03)
Debt Equity Ratio (Total Debt/Networth)		4.99	4.54	3.41
Current Ratio (Current Asset/Current Liability)		4.45	3.87	5.86

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	Yes
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	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	Yes
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 LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Directors	5.333	4.625
From Shareholders	0.652	0.633
Total	5.985	5.258

FUTURE PROSPECTS:

The Company will improve its operations by giving best services to its customers with the latest technology and machineries will add to its customers group.

FIXED ASSETS:

Ø Machinery

Ø Electric Installation

Ø Equipments

Ø Computer

Ø Vehicles

Ø Furniture

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

Information Gathered by :	NYN
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.