MIRA INFORM REPORT

Report Date :

21.05.2013

IDENTIFICATION DETAILS

Name :	UNICORN PICKLES PRIVATE LIMITED ( w.e.f.19.11.2008)
Formerly Known As :	UNICORN PICKLES LIMITED
Registered Office :	2^nd Floor, Unicorn House, No.500 Amarjyoti Layout, Domlur, Bangalore - 560071, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.07.2005
Com. Reg. No.:	08-036858
Capital Investment / Paid-up Capital :	Rs. 29.300 Millions
CIN No.: [Company Identification No.]	U15136KA2005PTC036858
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Processing of Vegetable
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 409000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has incurred loss from its operations during 2012. However, trade relations are fair. Business is active. Payment terms are 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.

LOCATIONS

Registered Office :	2^nd Floor, Unicorn House, No.500 Amarjyoti Layout, Domlur, Bangalore - 560071, Karnataka, India.
Tel. No.:	91-80-25357801/2/3
Fax No.:	91-80-25357804
E-Mail :	mail@unipick.in

DIRECTORS

As on 28.09.2012

Name :

Mr. Sanjay Bhanuchandra Sanghani

Designation :

Managing Director

Address :

No. 506, Olympus III, Prestige Acropolis, Hosur Road, Bangalore – 560029, Karnataka, India

Date of Birth/Age :

04.07.1961

Date of Appointment :

27.07.2005

DIN No.:

00003443

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	U51219AP1992PLC014657	UNICORN AGROTECH LIMITED	Director	29/09/2007	10/08/1992	-	Active	NO
2	U51909AP1993PTC016298	GALLERY EXPORTS PRIVATE LIMITED	Director	30/09/1993	30/09/1993	-	Active	NO
3	U01119AP1992PLC014205	UNICORN NATURAL PRODUCTS LIMITED	Director	30/09/1993	30/09/1993	-	Active	NO
4	U01110AP1996PTC023417	UNICORN SEEDS Private LIMITED	Director	16/03/1996	16/03/1996	04/01/2008	Active	NO
5	U24219AP1999PTC031228	RASA AGROTECH PRIVATE LIMITED	Director	15/03/1999	15/03/1999	-	Active	NO
6	U51219KA2002PTC030065	ALTERNATIV FOOD PROCESS PRIVATE LIMITED	Director	28/03/2002	28/03/2002	-	Active	NO
7	U70102AP2004PTC043128	METICULOUS PROPERTIES PRIVATE LIMITED	Director	23/04/2004	23/04/2004	-	Converted to LLP and dissolved	NO
8	U24233AP2000PLC035589	UNICORN PICKLES LIMITED	Managing director	01/09/2004	01/09/2004	-	Not Available for eFiling	NO
9	U15136KA2005PTC036858	UNICORN PICKLES Private LIMITED	Managing director	27/07/2005	27/07/2005	-	Active	NO
10	U15119KA2007PTC041346	VEG N TABLE FOOD PROCESSING PRIVATE LIMITED	Director	02/01/2007	02/01/2007	21/04/2012	Active	NO
11	AAA-3301	METICULOUS PROPERTIES LLP	Designated Partner	05/01/2011	05/01/2011	-	Active	NO

Name :

Mr. Amul Bhanuchandra Sanghani

Designation :

Whole – Time Director

Address :

Plot No. 70 & 71, P& T Colony, Secunderabad – 500009, Andhra Pradesh, India

Date of Birth/Age :

16.06.1959

Date of Appointment :

27.07.2005

DIN No.:

01589333

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	U51219AP1992PLC014657	UNICORN AGROTECH LIMITED	Whole-time director	01/04/2010	10/08/1992	-	Active	NO
2	U51909AP1993PTC016298	GALLERY EXPORTS PRIVATE LIMITED	Director	30/09/1993	30/09/1993	-	Active	NO
3	U01119AP1992PLC014205	UNICORN NATURAL PRODUCTS LIMITED	Director	30/09/1993	30/09/1993	-	Active	NO
4	U01110AP1996PTC023417	UNICORN SEEDS Private LIMITED	Managing director	06/03/1996	06/03/1996	10/03/2008	Active	NO
5	U24219AP1999PTC031228	RASA AGROTECH PRIVATE LIMITED	Director	15/03/1999	15/03/1999	-	Active	NO
6	U70102AP2004PTC043128	METICULOUS PROPERTIES PRIVATE LIMITED	Director	23/04/2004	23/04/2004	-	Converted to LLP and dissolved	NO
7	U15499AP2005PTC045406	UNICORN NUTRITION PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
8	U15136KA2005PTC036858	UNICORN PICKLES Private LIMITED	Whole-time director	27/07/2005	27/07/2005	-	Active	NO
9	AAA-3023	UNIAGRO EXPORTS COMPANY LLP	Designated Partner	07/12/2010	07/12/2010	-	Active	NO
10	AAA-6108	UNIFIOR VEGETABLES LLP	Designated Partner	01/09/2011	01/09/2011	-	Active	NO

Name :

Mr. Rajesh Bhanu Sanghani

Designation :

Director

Address :

Plot No. 20, Survey No. 157/8, Gunrock Enclave, Secunderabad – 500003, Andhra Pradesh, India

Date of Birth/Age :

08.06.1957

Date of Appointment :

27.07.2005

DIN No.:

00002656

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	U45200AP1990PTC011506	MAHMOOD BUILDERS PVT.LTD.	Director	20/07/1990	20/07/1990	01/10/2000	Active	NO
2	U51219AP1992PLC014657	UNICORN AGROTECH LIMITED	Director	07/04/1993	07/04/1993	-	Active	NO
3	U51909AP1993PTC016298	GALLERY EXPORTS PRIVATE LIMITED	Director	30/09/1993	30/09/1993	-	Active	NO
4	U01119AP1992PLC014205	UNICORN NATURAL PRODUCTS LIMITED	Director	30/09/1993	30/09/1993	-	Active	NO
5	U29219AP1995PLC022243	UNICORN INDUSTRIES LIMITED	Whole-time director	14/11/1995	14/11/1995	-	Active	NO
6	U01110AP1996PTC023417	UNICORN SEEDS Private LIMITED	Director	16/03/1996	16/03/1996	04/01/2008	Active	NO
7	U55101AP1997PTC028587	TANVI PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Director	19/12/1997	19/12/1997	-	Active	NO
8	U24219AP1999PTC031228	RASA AGROTECH PRIVATE LIMITED	Director	23/09/2000	23/09/2000	-	Active	NO
9	U70102AP2004PTC043128	METICULOUS PROPERTIES PRIVATE LIMITED	Director	23/04/2004	23/04/2004	-	Converted to LLP and dissolved	NO
10	U15136KA2005PTC036858	UNICORN PICKLES Private LIMITED	Director	27/07/2005	27/07/2005	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Equity Shareholder
Sanjay B Sanghani	30013
Rajesh B Sanghani	27500
Amul B Sanghani	52185
Veena A Sanghani	36263
Atul B Sanghani	10
Tanvi A Sanghani	27500
Vedant A. Sanghani	23750
Siddharth A. Sanghani	23762
Jayashree R. Sanghani	27513
Dhruv R. Sanghani	25000
Nandita S. Sanghani	20012
Shruthi S. Sanghani	15000
Neh S. Sanghani	15000
Amul B. Sanghani (HUF)	16250
Sanjay B. Sanghani (HUF)	16250
Atul B. Sanghani (HUF)	12500
Rajesh B. Sanghani (HUF)	16250
Praveen Reddy	1500
Gallery Exports Private Limited, India	3125
Parul Ketan Shah	3125
Vinod Rai Manilal Sheth	6250
Shilpa A. Sanghani	25012
Bhadra Bipin Sheth Jointly With Nandita S Sanghani	2084
Bhadra Bipin Sheth Jointly With Deven B Sheth	2083
Bhadra Bipin Sheth Jointly With Karthik B Sheth	2083
Total	430020
Preference Shareholder
Unicorn Agrotech Limited, India	2500000
Total	2500000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Bodies corporate	0.73
Directors or relatives of Directors	99.27
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Processing of Vegetable

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, Corporate Banking Branch, Express Building, 2^nd Floor, No.1 Queens Road, Bangalore – 560001, Karnataka, India.

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term Loans
From banks Secured – interest Free	0.000	5.000
From banks loans repayable an demand	29.533	5.038
Total	29.533	10.038

Note: The Term Loan From Axis Bank Limited was secured against hypothecation of Inventories, Fixed Assets (other than Land) and Receivables. There were no overdue amounts.

Banking Relations :	--
Auditors :
Name :	Rao Associates Chartered Accountants
Address :	No.32/1, Vasishta Paradise, 1^st Temple Road, 11^th Cross, Malleshwaram, Bangalore – 560003, Karnataka, India
Tel. No.:	91-80-23560112
Fax No.:	91-80-23560114
E-Mail :	info@raoassociates.com
PAN No.:	AAJFR4749J

CAPITAL STRUCTURE

As on 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions
2500000	Preference Shares	Rs.10/- each	Rs.25.000 Millions
	Total		Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
430020	Equity Shares	Rs.10/- each	Rs. 4.300 Millions
2500000	Preference Shares	Rs.10/- each	Rs.25.000 Millions
	Total		Rs.29.300 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		29.300	29.300	29.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		72.939	73.457	75.938
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		102.239	102.757	105.238
LOAN FUNDS
1] Secured Loans		29.533	10.038	27.819
2] Unsecured Loans		17.000	34.000	52.497
TOTAL BORROWING		46.533	44.038	80.316
DEFERRED TAX LIABILITIES		0.000	0.510	0.652
TOTAL		148.772	147.305	186.206
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.888	40.948	43.034
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.797	49.801	74.362
	Sundry Debtors	41.223	34.541	53.740
	Cash & Bank Balances	5.871	14.019	10.979
	Other Current Assets	0.033	0.044	0.000
	Loans & Advances	16.266	14.327	17.443
Total Current Assets		120.190	112.732	156.524
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.168	2.411	7.707
	Other Current Liabilities	8.807	3.208	5.021
	Provisions	1.331	0.756	0.624
Total Current Liabilities		13.306	6.375	13.352
Net Current Assets		106.884	106.357	143.172
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		148.772	147.305	186.206

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	187.465	159.923
		Other Income	3.080	2.716
		TOTAL	190.545	162.639	248.450
Less	TOTAL EXPENDITURE		191.572	165.262	244.474
	PROFIT / (LOSS) BEFORE TAX		(1.027)	(2.623)	3.976
Less	TAX		(0.510)	(0.142)	0.645
	PROFIT / (LOSS) AFTER TAX		(0.517)	(2.481)	3.331
	BALANCE CARRIED TO THE B/S		N.A.	65.231	67.712
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Sales	178.354	166.322	225.405
	Earnings Per Share (Rs.)		(1.20)	(5.77)	N.A.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.27)	(1.52)	1.34
Net Profit Margin (PBT/Sales)	(%)	(0.55)	(1.64)	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	(0.63)	(1.71)	1.99
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.02)	0.03
Debt Equity Ratio (Total Debts/Networth)		0.45	0.43	0.76
Current Ratio (Current Asset/Current Liability)		9.03	17.08	11.72

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	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	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 LOAN:

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans and advances from related parties	17.000	34.000
Total	17.000	34.000

BUSINESS OPERATIONS OVERVIEW AND OUTLOOK

The financial performance as stated above reveals that the Company has incurred a loss after tax of Rs. 0.517 Million during the financial year ended 31^st March 2012 as against the net loss after tax of Rs. 2.481 Millions the previous year. The Company has earned Rs. 187.465 Millions as revenue from operations during the year as compared to Rs. 159.923 Millions during the previous year. The enhanced sales of the Company’s products conforming to international standards are a clear affirmation of the Company’s channel initiatives implemented through consolidation, employee engagement, performance management and customer focus to create an efficient and robust system of operation.

The loss incurred by the Company during the year may be attributed incurrence of higher expenditure with regard to enhanced consumption of raw materials and higher manufacturing and administrative expenses. The Directors are confident of further improving the performance of the Company by implementation of conservative operating plans for the year ahead with continued focus on cost management to meet the challenges posed by the competitive business environment.

The Company endeavors to maximize its strong and satisfied customer base, to maintain its impeccable track record of quality and efficiency to the customers’ utmost satisfactory levels, by focusing on increasing the sales and achieving greater profitability during the years to come.

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Vehicles

· Expenditure on Leased Premises

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 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.55.04
UK Pound	1	Rs.83.95
Euro	1	Rs.70.93

INFORMATION DETAILS

Report Prepared by :

AHN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.