MIRA INFORM REPORT

Report Date :

11.03.2013

IDENTIFICATION DETAILS

Name :	GEE SQUARE EXPORTS INDIA PRIVATE LIMITED
Registered Office :	522 Great Eastern Galleria, Plot No 20, Sector 4, Nerul (West), Navi Mumbai – 400706, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.08.2003
Com. Reg. No.:	141623
Capital Investment / Paid-up Capital :	Rs.4.301 Millions
CIN No.: [Company Identification No.]	U51220MH2003PTC141623
TAN No.: [Tax Deduction & Collection Account No.]	MUMG13738E
PAN No.: [Permanent Account No.]	AABCG9883D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Dealers of Boneless Buffalo Meat, Bone In Buffalo Meat, Sheep Carcass, Sheep Mutton Cubes, Chicken Meat, Halal Meat, Ongue Meat, Raw Tripe, Frozen Offal, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 147000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Latest financial 2011-2012 are missing with the government department from the previous financials it seems that there appears some dip in the turnover however, it has achieved better growth in the profits. Trade relations are reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings with slight cautions.

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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/Factory :	522 Great Eastern Galleria, Plot No 20, Sector 4, Nerul (West), Navi Mumbai – 400706, Maharashtra, India
Tel. No.:	91-22-27719553/54
Fax No.:	91-22-27719556
E-Mail :	geesquare3k@yahoo.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Venkatraman Subramanian

Designation :

Managing Director

Address :

A4, 301, Alaknanda, Lok Upavn Ph-1, Off. Pokhran Road #2, Thane (West), Thane – 400601, Maharashtra, India

Date of Birth/Age :

22.05.1957

Date of Appointment :

06.08.2003

Din No.:

02448094

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	Company/ LLP Status	Defaulting status
1	U51220MH2003PTC141623	GEE SQUARE EXPORTS (INDIA) PRIVATE LIMITED	Managing director	06/08/2003	06/08/2003	Active	NO
2	U51101MH2009PTC198131	SPHYNX AGRO PRIVATE LIMITED	Director	25/12/2009	25/12/2009	Active	NO
3	U74900UP2010PTC040458	INDIAN AGRI PRODUCTS PRIVATE LIMITED	Director	04/05/2010	04/05/2010	Active	NO

Name :

Mr. Ramaswamy Easwaran Laxminarayanapuram

Designation :

Director

Address :

1-14, Pushpak, Sector – 21, Nerul East, Navi Mumbai – 400706, Maharashtra, India

Date of Birth/Age :

05.06.1949

Date of Appointment :

06.08.2003

Din No.:

01577674

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	Company/ LLP Status	Defaulting status
1	U51220MH2003PTC141623	GEE SQUARE EXPORTS (INDIA) PRIVATE LIMITED	Director	06/08/2003	06/08/2003	Active	NO
2	U51101MH2009PTC198131	SPHYNX AGRO PRIVATE LIMITED	Director	25/12/2009	25/12/2009	Active	NO

Name :

Ms. Nirmala Venkatraman

Designation :

Director

Address :

A4, 301, Alaknanda, Lok Upavn Ph-1, Off. Pokhran Road #2, Thane (West), Thane – 400601, Maharashtra, India

Date of Birth/Age :

25.08.1963

Date of Appointment :

06.08.2003

Din No.:

01914086

Name :

Mr. Deepak Sardana

Designation :

Additional Director

Address :

1703, 17^th Floor, Verona Co-operative Housing Society Limited, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

20.09.1957

Date of Appointment :

01.04.2012

Din No.:

01334775

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	Company/ LLP Status	Defaulting status
1	U01403MH2008PTC179976	SRM AGRO FOODS PRIVATE LIMITED	Whole-time director	11/03/2008	11/03/2008	Active	NO
2	U74899DL1967PTC004732	MIKI RESINS PRIVATE LIMITED	Director	16/08/2008	16/08/2008	Active	NO
3	U01403MH2009PTC194039	BUSHRA FOODS PRIVATE LIMITED	Director	14/07/2009	14/07/2009	Active	NO
4	U51909DL2005PTC135022	AL-NOOR EXIM PRIVATE LIMITED	Director	30/09/2010	05/12/2009	Active	NO
5	U51101MH2009PTC198131	SPHYNX AGRO PRIVATE LIMITED	Director	25/12/2009	25/12/2009	Active	NO
6	U74900UP2010PTC040458	INDIAN AGRI PRODUCTS PRIVATE LIMITED	Director	04/05/2010	04/05/2010	Active	NO
7	U51220MH2003PTC141623	GEE SQUARE EXPORTS (INDIA) PRIVATE LIMITED	Additional director	01/04/2012	01/04/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Venkatraman Subramanian	427500
Nirmala Venkatraman	2400
Ramaswamy Easwaran Laxminarayanapuram	100
Venkatraman Subramanian Joint Nirmala Venkatraman	100
TOTAL	430100

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturers and Dealers of Boneless Buffalo Meat, Bone In Buffalo Meat, Sheep Carcass, Sheep Mutton Cubes, Chicken Meat, Halal Meat, Ongue Meat, Raw Tripe, Frozen Offal, etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The Federal Bank Limited, Ground Floor, Ed-El, Plot No 208, Central Avenue Road, Chembur, Mumbai - 400071, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Packing Credit Loan of The Federal Bank Limited [Against hypothecation of raw materials stock, semi finished and finished goods and]	3.190	7.000
Federal Bank Limited FUPB	0.000	1.073
Federal Bank Limited Term Loan (16)	17.993	28.069
Motor Car Loan – Federal Bank Limited	1.562	2.031
TOTAL	22.745	38.173

Banking Relations :	--
Auditors :
Name :	Jagdish Gopalkrishnan and Associates Chartered Accountant
Address :	C-44, Shrinagar C.H.S., P L Lokhande Marg, Chembur, Mumbai – 400089, Maharashtra, India
Tel. No.:	91-22-25288266
PAN No:	AAEFJ9415A

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
430100	Equity Shares	Rs.10/- each	Rs.4.301 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.301	4.301	4.301
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		32.462	20.657	11.474
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		36.763	24.958	15.775
LOAN FUNDS
1] Secured Loans		22.745	38.173	31.684
2] Unsecured Loans		39.700	39.700	22.200
TOTAL BORROWING		62.445	77.873	53.884
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		99.208	102.831	69.659
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		80.637	83.014	45.051
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	10.607	14.337	14.522
	Sundry Debtors	6.977	8.366	12.926
	Cash & Bank Balances	5.511	3.114	0.350
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.700	5.497	2.125
Total Current Assets		34.795	31.314	29.923
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.412	8.859	4.467
	Other Current Liabilities	2.322	0.428	0.068
	Provisions	7.490	2.210	0.780
Total Current Liabilities		16.224	11.497	5.315
Net Current Assets		18.571	19.817	24.608
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		99.208	102.831	69.659

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	185.364	238.659	78.458
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		16.806	10.863	11.116
Less	TAX		5.000	1.680	0.780
	PROFIT / (LOSS) AFTER TAX		11.806	9.183	10.336
	Earnings / (Loss) Per Share (Rs.)		27.45	21.35	24.03

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	14.55	9.50	14.83
Return on Investment (ROI) (PBT/Networth)		0.45	0.44	0.70
Debt Equity Ratio (Total Debt/Networth)		1.70	3.12	3.42
Current Ratio (Current Asset/Current Liability)		2.14	2.72	5.63

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	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	No
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

OPERATIONS:

During the current year the company achieved a turnover of Rs.185.364 Millions resulting in a profit before tax of Rs.16.806 Millions. Lower turnover is because of lower exports. However freezing and cold storage revenue has increased considerably. Barring unforeseen circumstances, the directors are confident of improved performance for the current year. The Ratnagiri unit expansion/ upgradation programme has resulted in increased freezing and cold storage capacity and the factory is accredited for EU countries.

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Shareholders S. Venkatraman	39.700	39.700
TOTAL	39.700	39.700

FIXED ASSETS:

· Building

· Free hold Land

· Plant and Machinery

· Furniture and Fixtures

· Computers

· Motor Car

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.54.40
UK Pound	1	Rs.81.57
Euro	1	Rs.71.23

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.