MIRA INFORM REPORT

Report Date :

18.09.2013

IDENTIFICATION DETAILS

Name :	R. P. GOURMET FOODS PRIVATE LIMITED
Registered Office :	Shop No. 9, Apna Bazar, Nehru Nagar, New Delhi – 110 065
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.10.2007
Com. Reg. No.:	55-169577
Capital Investment / Paid-up Capital :	Rs. 1.000 million
CIN No.: [Company Identification No.]	U15122DL2007PTC169577
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Distributor of Food Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 11000
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 seems to be low. The external borrowings appears to be huge. However, trade relations are reported to be fair. Business is active. Payments are 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 – 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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	Shop No. 9, Apna Bazar, Nehru Nagar, New Delhi – 110 065, India
Tel. No.:	91-11-26932950
Mobile No.:	91-9810086352 (Pankaj Singhal)
Fax No.:	Not Available
E-Mail :	aviverca@yahoo.com p.singhal@rpgourmet.co.in
Warehouse / Operation :	Plot No. 53, Khushra No. 501 / 502 Village, Jaunapur, Mehrauli, New Delhi – 110 047, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Ramesh Kumar Wadhwa

Designation :

Director

Address :

11 – 045, Lajpat Nagar, New Delhi – 110 024, India

Date of Birth/Age :

20.03.1960

Date of Appointment :

18.10.2007

DIN No.:

01434055

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	U15122DL2007PTC169577	R. P. GOURMET FOODS PRIVATE LIMITED	Director	18-10-07	18-10-07	-	Active	NO
2	U15122DL2011PTC214797	BANYAN FINEFOODS INDIA PRIVATE LIMITED	Director	24-02-11	24-02-11	-	Active	NO

Name :

Mr. Pankaj Singhal

Designation :

Director

Address :

1 – 501, Somvihar, R. K. Puram, New Delhi – 110 022, India

Date of Birth/Age :

04.06.1962

Date of Appointment :

18.10.2007

DIN No.:

01819991

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	U15122DL2007PTC169577	R. P. GOURMET FOODS PRIVATE LIMITED	Director	18-10-07	18-10-07	-	Active	NO
2	U74140DL2010NPL211898	FORUM OF INDIAN FOOD IMPORTERS	Director	29-12-10	29-12-10	-	Active	NO
3	U15122DL2011PTC214797	BANYAN FINEFOODS INDIA PRIVATE LIMITED	Director	24-02-11	24-02-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Pankaj Singhal	49995
Ramesh Wadhwa	49998
Manish Chawla	01
Rajiv Gupta	01
Naresh Wadhwa	01
Khushi Ram Gupta	01
Sandeep Gupta	01
Sumedha Gupta	01
Tushar Gupta	01
TOTAL	100000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Distributor of Food Products.

Products :

ITC Code	Product Descriptions
0406	Food, Cheese

• Berries
• Butter
• Butter Cheese
• Cheeses
• Edam Cheese
• Emmentaler Cheese
• Fruit Purees
• Gouda Cheese
• Gruyere Process Cheese
• Ice Cream
• Yogrut

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Maharani Bagh, New Delhi – 110 014, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long term borrowings
Loan from Bank (Secured against hypothecation of vehicles and personal guarantee of directors)	1.854	0.109
Loan from other party (Secured against personal guarantee of directors)	0.081	0.070
Short term borrowings
From banks - Working Capital Limits	2.874	4.922
Total	4.809	5.101
(Loans repayble on demand (Overdrat loan) from banks are secured against hypothecation - of stocks, book debts, bank deposits, and persona! guarantee of all the Directors)

Banking Relations :	---
Auditors :
Name :	Avinash Verma and Associates Chartered Accountants
Address :	B-3, Narain Vihar, School lane, New Delhi – 11 028, India
PAN No.:	AADPV5183G
Enterprises owned or significantly influenced by Key Management Personnel :	Wadhwa International Banyan Fine Foods India Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.000	0.100
(b) Reserves & Surplus	1.856	1.271
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2.856	1.371
(3) Non-Current Liabilities
(a) long-term borrowings	1.935	0.179
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1.935	0.179
(4) Current Liabilities
(a) Short term borrowings	11.555	13.696
(b) Trade payables	8.687	11.401
(c) Other current liabilities	4.134	5.784
(d) Short-term provisions	0.368	0.490
Total Current Liabilities (4)	24.744	31.371
TOTAL	29.535	32.921
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.773	3.134
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.159	0.094
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2.932	3.228
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	10.106	3.342
(c) Trade receivables	12.753	18.938
(d) Cash and cash equivalents	2.322	2.672
(e) Short-term loans and advances	1.422	4.741
(f) Other current assets	0.000	0.000
Total Current Assets	26.603	29.693
TOTAL	29.535	32.921

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.515
4] (Accumulated Losses)		0.000
NETWORTH		0.615
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.615
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.038
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.002
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.951
	Sundry Debtors	13.296
	Cash & Bank Balances	1.044
	Other Current Assets	0.000
	Loans & Advances	0.311
Total Current Assets		21.602
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.399
	Other Current Liabilities	0.375
	Provisions	0.253
Total Current Liabilities		21.027
Net Current Assets		0.575
MISCELLANEOUS EXPENSES		0.000
TOTAL		0.615

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	60.607	93.962	38.567
		Other Income
		TOTAL	60.607	93.962	38.567
Less	EXPENSES
		Office Expenses
		Administrative Expenses	59.676	93.962	38.567
		Advertising Expenses
		TOTAL	59.676	93.962	38.567
	PROFIT BEFORE TAX		0.931	1.173	0.819
Less	TAX		0.346	0.417	0.267
	PROFIT AFTER TAX		0.585	0.756	0.552
	IMPORTS
		Stock in trade Import	18.402	20.860	5.730
	TOTAL IMPORTS		18.402	20.860	5.730
	Earnings Per Share (Rs.)		5.85	76.00	55.19

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.97	0.80	2.12
Return on Total Assets (PBT/Total Assets}	(%)	3.17	3.57	3.78
Return on Investment (ROI) (PBT/Networth)		0.33	0.85	1.33
Debt Equity Ratio (Total Debt /Networth)		4.72	10.12	0.00
Current Ratio (Current Asset/Current Liability)		1.08	0.95	1.02

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	Yes
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

NOTE

Registered office of the company has been shifted from 13, Apna Bazaar, Ring Road, Nehru Nagar, New Delhi – 110 065, India to the present office address w.e.f 24.01.2012

PERFORMANCE:

During the year turnover of the company has decline to Rs. 60.607 Millions as compared to Rs 93.962 Millions in the previous year. The company has earned a profit of Rs 0.585 Million as compared to Rs 0.756 Million in the previous year. The directors are hopeful of showing better results in the future.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Short term borrowings
From directors & relative	3.221	5.633
From members	2.891	3.141
From other party	2.569	0.000
Total	8.681	8.774

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10274231	03/12/2012 *	4,800,000.00	CANARA BANK	MAHARANI BAGH, NEW DELHI, DELHI - 110014, INDIA	B63784029
2	10260505	14/12/2010	294,600.00	CANARA BANK	MAHARANI BAGH BRANCH, SIDDARTH ENCLAVE, NEW DELHI, DELHI - 110014, INDIA	B02938769

* Date of charge modification

FIXED ASSETS

• Plant and Machinery
• Air Conditioner
• Cycle
• Fax machine
• Mobile Phone
• Typewriter
• Generator
• Furniture and Fittings
• Computer
• Vehicles

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.63.38
UK Pound	1	Rs.100.86
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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		33

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

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.