MIRA INFORM REPORT

Report Date :

22.03.2013

IDENTIFICATION DETAILS

Name :	HI-TECH NATURAL PRODUCTS (INDIA) LTD

Registered Office :	205, Jawahar Gali, Farsh Bazar, Shahdara, Delhi – 110032, India

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	24.12.2003

Com. Reg. No.:	55-123695

Capital Investment / Paid-up Capital :	Rs 15.688 Million

CIN No.: [Company Identification No.]	U01110DL2003PLC123695

TAN No.: [Tax Deduction & Collection Account No.]	DELH06207F

PAN No.: [Permanent Account No.]	AABCH3859E

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Food Products, Honey, Bees

No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 68000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having a Moderate track record. The profitability of the company appears to be low. The external borrowing seems to be huge which effect the liquidity position. However, the company has recorded growth in its sales during the year 2012. 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 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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.

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

Name :	Mrs. Swati Sharma
Designation :	Director
Contact No.:	91-9811794789 / 91-8588867958 / 91-8588867956
Date :	22.03.2013

LOCATIONS

Registered Office :	205, Jawahar Gali Farsh Bazar, Shahdara, Delhi – 110032, India
Tel. No.:	91-11-22135556/ 91-9811794789 (Mrs. Swati Sharma)
Fax No.:	91-11-22121857
E-Mail :	info@hitechnaturalproduct.com Dvsharma15@gmail.com Smprofessional588@gmail.com
Website :	www.hiteshnaturalproduct.com

Factory :	Village and post box Virakheri, Saharangpur, Uttar Pradesh, India

DIRECTORS

As on : 31.08.2012

Name :

Mr. Dev Vrat Sharma

Designation :

Managing Director

Address :

144-A, Pocket-A, Dilshad Garden, Delhi- 110095, India

Date of Birth/Age :

15.05.1971

Date of Appointment :

28.04.2009

PAN No.:

AMRPS5139D

DIN No.:

00102799

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	U01110DL2003PLC123695	HI-TECH NATURAL PRODUCTS (INDIA) LIMITED	Managing director	28/04/2009	24/12/2003	-	Active	NO

Name :

Mrs. Swati Sharma

Designation :

Director

Address :

144-A, Pocket-A, Dilshad Garden, Delhi- 110095, India

Date of Birth/Age :

29.12.1973

Date of Appointment :

24.12.2003

PAN No.:

AJIPS6455Q

DIN No.:

00103247

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	U01110DL2003PLC123695	HI-TECH NATURAL PRODUCTS (INDIA) LIMITED	Director	24/12/2003	24/12/2003	-	Active	NO
2	U45400DL2007PTC169700	HI-TECH INFRACON PRIVATE LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO

Name :

Ms. Priya Vrat Sharma

Designation :

Director

Address :

144-A, Pocket-A, Dilshad Garden, Delhi- 110095, India

Date of Birth/Age :

03.04.1981

Date of Appointment :

24.12.2003

PAN No.:

AQCPS5961J

DIN No.:

00102852

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	U01110DL2003PLC123695	HI-TECH NATURAL PRODUCTS (INDIA) LIMITED	Director	24/12/2003	24/12/2003	-	Active	NO
2	U45400DL2007PTC169700	HI-TECH INFRACON PRIVATE LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO

Name :

Mr. Sadhu Ram Sharma

Designation :

Director

Address :

Village And Post- Birakheri, District- Saharanpur, Utter Pradesh, India

Date of Birth/Age :

05.07.1948

Date of Appointment :

24.12.2003

PAN No.:

AXJPS5418C

DIN No.:

00107429

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	U01110DL2003PLC123695	HI-TECH NATURAL PRODUCTS (INDIA) LIMITED	Director	24/12/2003	24/12/2003	-	Active	NO
2	U45400DL2007PTC169700	HI-TECH INFRACON PRIVATE LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO

Name :

Mrs. Manju Sharma

Designation :

Director

Address :

205, Farsh Bazar, Jawahar Gali, Shahdara, Delhi – 110032, India

Date of Birth/Age :

15.03.1954

Date of Appointment :

24.12.2003

PAN No.:

AWEPS7024R

DIN No.:

00102680

Name :	Ms. Ekta Sharma
Designation :	Director
Address :	205, Farsh Bazar, Jawahar Gali, Shahdara, Delhi – 110032, India
Date of Birth/Age :	07.02.1981
Date of Appointment :	24.12.2003
PAN No.:	AWEPS1251K
DIN No.:	00102741

Name :	Mr. Jai Prakash Sharma
Designation :	Director
Address :	205, Farsh Bazar, Jawahar Gali, Shahdara, Delhi – 110032, India
Date of Birth/Age :	01.08.1947
Date of Appointment :	31.12.2003
PAN No.:	AWEPS4388K
DIN No.:	00102612

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	U01110DL2003PLC123695	HI-TECH NATURAL PRODUCTS (INDIA) LIMITED	Director	28/04/2009	31/12/2003	-	Active	NO
2	U45400DL2007PTC169700	HI-TECH INFRACON PRIVATE LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO

Name :	Mrs. Richa Sharma
Designation :	Director
Address :	205, Farsh Bazar, Jawahar Gali, Shahdara, Delhi – 110032, India
Date of Birth/Age :	15.12.1976
Date of Appointment :	24.12.2003
PAN No.:	AWEPS1252J
DIN No.:	00102976

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 31.08.2012

Names of Shareholders	No. of Shares
Dev Vrat Sharma	260178
Swati Sharma	294500
Priya Vrat Sharma	176178
Sadhu Ram Sharma	177300
Manju Sharma	(10000)
Ekta Sharma	15000
Jai Prakash Sharma	235000
Richa Sharma	60000
Sachin Sharma	43000
Sunil Sharma	23700
Brijesh kumar	10000
Abhishek Sharma	18000
Ram Gopal	33500
Satya Van Sharma	36500
Somvan	36500
Manorma Sharma	5000
Suman Sharma	13744
Sadhna Sharma	90000
Total	1568800

Equity Share Break up (Percentage of Total Equity)

As on : 31.08.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Food Products, Honey, Bee Product

Exports :
Products :	Food Products, Honey, Bee
Countries :	US, South Africa

Imports :
Products :	Finished goods
Countries :	Korea Thailand

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

20 (Approximately)

Bankers :

Oriental Bank Of Commerce Limited

Village and post gango, Saharanpur -247001, Uttar Pradesh, India

Rs in million

Facilities :

Secured loans

31.03.2012

31.03.2011

Long terms Borrowing Secured Loans

33.342

22.236

Total

33.342

22.236

Auditors :

Name :

K. C. Singhal And Associates

Chartered Accountants

Address :

B-1/21, Ground floor, Yamuna Vihar, Delhi-110053, India

PAN No.:

AAFFK6175M

CAPITAL STRUCTURE

As on : 31.08.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1568800	Equity Shares	Rs 10/- each	Rs 15.688 Million

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		15.688	11.088	10.038
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.330	1.005	0.302
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.018	12.093	10.340
LOAN FUNDS
1] Secured Loans		33.342	22.236	17.357
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		33.342	22.236	17.357
DEFERRED TAX LIABILITIES		0.000	0.000	0.520

TOTAL		50.360	34.329	28.217

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		20.438	22.255	28.416
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.228	0.228	0.228
DEFERRED TAX ASSETS		0.010	0.004	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.022	33.647	0.980
	Sundry Debtors	99.175	9.222	25.952
	Cash & Bank Balances	5.535	0.223	0.107
	Other Current Assets	0.299	0.047	0.063
	Loans & Advances	2.490	2.490	0.228
Total Current Assets		130.521	45.629	27.330
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	95.437	30.778	0.000
	Other Current Liabilities	5.346	2.976	27.817
	Provisions	0.054	0.033	0.000
Total Current Liabilities		100.837	33.787	27.817
Net Current Assets		29.684	11.842	(0.487)

MISCELLANEOUS EXPENSES		0.000	0.000	0.060

TOTAL		50.360	34.329	28.217

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES				36.734
		Income	154.132	53.010	0.000
		Other Income	2.370	0.311	0.283
		TOTAL	156.502	53.321	37.017

Less	EXPENSES
		Cost of material Consumed	122.189	6.208
		Purchase of stock in trade	16.914	40.729
		Changes inventories of finished goods	(4.000)	(6.301)
		Employees benefits	4.918	2.161
		Other expenses	10.407	4.968
		TOTAL	150.428	47.765	35.424

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		6.074	5.556	1.593

Less	FINANCIAL EXPENSES		3.051	2.340	0.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)		3.023	3.216	1.593

Less/ Add	DEPRECIATION/ AMORTISATION		2.660	3.004	1.252

	PROFIT BEFORE TAX		0.363	0.212	0.341

Less	TAX		0.038	(0.490)	1.931

	PROFIT AFTER TAX		0.325	0.702	(1.59)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.005	0.302	0.462

	BALANCE CARRIED TO THE B/S		1.330	1.005	0.302

	Earnings Per Share (Rs.)		0.21	0.63	N.A

Expected Sales ( 2012-2013) : Rs.200.000 Millions

The above information has been parted by Mrs. Swati Sharma (Director)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.21	1.32	(4.29)

Net Profit Margin (PBT/Sales)	(%)	0.24	0.01	0.93

Return on Total Assets (PBT/Total Assets}	(%)	0.24	0.31	0.61

Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.03

Debt Equity Ratio (Total Debt /Networth)		1.96	1.84	1.68

Current Ratio (Current Asset/Current Liability)		1.29	1.35	0.98

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	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	Yes
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)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS:

Buildings
Plant and Machinery
Computer
Agriculture Land
Cycle
Camera
Mobile phone

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.54.28
UK Pound	1	Rs.82.06
Euro	1	Rs.70.23

INFORMATION DETAILS

Report Prepared by :

RSMK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.

MIRA INFORM REPORT

23.022

99.175

5.535

0.299

2.490

130.521

95.437

5.346

0.054

100.837

29.684

0.21

0.24

0.24

0.02

1.96

1.29

Unit