MIRA INFORM REPORT

Report Date :

17.05.2013

IDENTIFICATION DETAILS

Name :	WHITEFIELDS OVERSEAS PRIVATE LIMITED (w.e.f. 04.10.2010)
Formerly Known As :	INDIA CROWN FOOD PRODUCTS PRIVATE LIMITED
Registered Office :	1107-1108, DLF Tower B, Jasola Vihar, New Delhi - 110025
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.05.2008
Com. Reg. No.:	55-177710
Capital Investment / Paid-up Capital :	Rs.19.000 Millions
CIN No.: [Company Identification No.]	U01403DL2008PTC177710
TAN No.: [Tax Deduction & Collection Account No.]	DELI06956F
PAN No.: [Permanent Account No.]	AABCI8770P
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporter of Rice (Basmati and Non Basmati Rice).
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 180000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The financial strength of the company is moderate. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some 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	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 DECLIEND

Management Non - Cooperative (91-11-47599999)

LOCATIONS

Registered Office :	1107-1108, DLF Tower B, Jasola Vihar, New Delhi – 110025, India
Tel. No.:	91-11-47599999/ 41828444
Fax No.:	91-11-41662967
E-Mail :	sumeet@whitefields.in info@whitefields.in accounts@whitefieldsinternational.in accounts@whitefield.in account@indiacrown.in
Website :	http://www.whitefieldsinternational.in

DIRECTORS

As on 29.09.2012

Name :

Mr. Sumeet Saluja

Designation :

Director

Address :

D- 5/5, Vasant Vihar, New Delhi - 110057, India

Date of Birth/Age :

27.11.1972

Date of Appointment :

06.09.2010

DIN No.:

00891805

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	U74899DL1999PTC099713	WHITEFIELDS INTERNATIONAL PRIVATE LIMITED	Director	11/05/1999	11/05/1999	-	Active	YES
2	U01403DL2008PTC177710	WHITEFIELDS OVERSEAS PRIVATE LIMITED	Additional director	06/09/2010	06/05/2008	-	Active	NO
3	U74899DL1959PTC003046	HINDUSTAN PRESTRESSED CONCRETE STRUCTURES PRIVATE LIMITED	Additional director	02/05/2011	02/05/2011	-	Active	NO

Name :

Mr. Vijay Kumar Saluja

Designation :

Additional Director

Address :

B-27, Greater Kailash, Part-I, New Delhi - 110057, India

Date of Birth/Age :

18.08.1937

Date of Appointment :

01.11.2010

DIN No.:

00680670

PAN No.:

ABGPS0892M

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	U74899DL1959PTC003046	HINDUSTAN PRESTRESSED CONCRETE STRUCTURES PRIVATE LIMITED	Director	09/07/1964	09/07/1964	-	Active	NO
2	U01403DL2008PTC177710	WHITEFIELDS OVERSEAS PRIVATE LIMITED	Additional director	01/11/2010	14/12/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Sumeet Saluja	1895000
Rupa Saluja	5000
Total	1900000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Exporter of Rice (Basmati and Non Basmati Rice).
Brand:	India Crown Marhava Whitefield Basmati Rice
Exports :
Products :	Rice
Countries :	Dubai

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

• IndusInd Bank
• Bank of India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term Loans Banks	0.689	0.000
Total	0.689	0.000

Banking Relations :	--
Auditors :
Name :	Mukul Jain and Company Chartered Accountants
Address :	33 / 12 , Lal Quarter , Ghaziabad – 201001, Uttar Pradesh, India
Mobile No.:	91- 9899656417
PAN No.:	AEQPJ0020F

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1900000	Equity Shares	Rs.10/- each	Rs. 19.000 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		19.000	19.000	3.750
2] Share Application Money		22.800	4.750	20.000
3] Reserves & Surplus		2.570	1.671	0.684
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.370	25.421	24.434
LOAN FUNDS
1] Secured Loans		0.689	0.000	4.646
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.689	0.000	4.646
DEFERRED TAX LIABILITIES		0.005	0.000	0.000
TOTAL		45.064	25.421	29.080
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.308	0.308	0.287
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.028	0.036
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	55.494	21.320	20.601
	Sundry Debtors	612.233	31.985	24.190
	Cash & Bank Balances	10.451	1.243	3.414
	Other Current Assets	0.116	0.047	0.000
	Loans & Advances	0.702	0.421	0.650
Total Current Assets		678.996	55.016	48.855
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	620.616	16.491	4.212
	Other Current Liabilities	14.153	12.943	15.710
	Provisions	0.471	0.497	0.246
Total Current Liabilities		635.240	29.931	20.168
Net Current Assets		43.756	25.085	28.687
MISCELLANEOUS EXPENSES		0.000	0.000	0.070
TOTAL		45.064	25.421	29.080

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1904.968 (Sales/ Gross Receipts)	596.312	453.220
		Other Income	NA	1.663	1.282
		TOTAL (A)	NA	597.975	454.502
Less	EXPENSES
		Employee Costs	NA	3.423	5.876
		Cost of Goods Sold	NA	506.508	394.005
		Operating and Other Expenses	NA	85.740	51.597
		Preliminary Expense Written off	NA	0.023	0.023
		TOTAL (B)	NA	595.694	451.501
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	2.281	3.001
Less	FINANCIAL EXPENSES (D)		NA	0.736	2.217
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	1.545	0.784
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	0.055	0.041
	PROFIT BEFORE TAX (E-F) (G)		1.403	1.490	0.743
Less	TAX (H)		0.505	0.503	0.241
	PROFIT AFTER TAX (G-H) (I)		0.898	0.987	0.502
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.671	0.684	0.182
	BALANCE CARRIED TO THE B/S		NA	1.671	0.684
	Earnings Per Share (Rs.)		0.47	0.52	1.34

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.17	0.11
Net Profit Margin (PBT/Sales)	(%)	NA	0.25	0.16
Return on Total Assets (PBT/Total Assets}	(%)	0.21	2.71	1.52
Return on Investment (ROI) (PBT/Networth)		0.03	0.06	0.03
Debt Equity Ratio (Total Debt /Networth)		0.02	0.00	0.19
Current Ratio (Current Asset/Current Liability)		1.07	1.84	2.42

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)	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

• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer 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.54.77
UK Pound	1	Rs.83.31
Euro	1	Rs.70.46

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	YES
--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		29

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.