MIRA INFORM REPORT

Report Date :

07.10.2013

IDENTIFICATION DETAILS

Name :	SHREE GANESH FROZEN FOODS PRIVATE LIMITED
Registered Office :	B-5, Plot No.5, Gupta Arcade, Srestha Vihar, Delhi – 110 095
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.06.2002
Com. Reg. No.:	55-115742
Capital Investment / Paid-up Capital :	Rs. 16.432 Millions
CIN No.: [Company Identification No.]	U15209DL2002PTC115742
TAN No.: [Tax Deduction & Collection Account No.]	DELS17105E
PAN No.: [Permanent Account No.]	AAGCS6442M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Frozen Fruits and Vegetables.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 90000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Latest financial for the year 2012, is not available with us. As per previous financial record of 2011, the company has recorded growth in sales turnover but there appears dip in profit of the company. However, trade relation reported to be fair. Business is active. Payment terms are reported to be unknown. The company can be considered for business dealing 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 – 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.

INFORMATION DENIED BY

Name :	Mr. Amit Goyal
Designation :	Director
Contact No.:	91-9818921260
Date :	05.10.2013

LOCATIONS

Registered Office :	B-5, Plot No.5, Gupta Arcade, Srestha Vihar, Delhi – 110 095, India
Tel. No.:	Not Available
Mobile No.:	91-9818921260 (Mr. Amit Goyal) 91-9810178949 (Mr. Manoj Goyal)
Fax No.:	Not Available
E-Mail :	sachinashokassociates@rediffmail.com khanna_asso@yahoo.co.in veggiefoods@gmail.com sgf@aol.in
Area :	500 sq ft
Location :	Owned
Corporate Office :	C-134 K, Surya Nagar, Ghaziabad – 201 011, Uttar Pradesh, India
Tel. No.:	91-120-4133310
Fax No.:	91-120-4133310
Factory :	D-17, Site - B, Surajpur Industrial Area, Greater Noida – 201 306, Uttar Pradesh, India
Area :	25000 sq ft
Location :	Owned

DIRECTORS

As on: 20.09.2012

Name :	Mr. Amit Goyal
Designation :	Director
Address :	C-134 K, Surya Nagar, Ghaziabad – 201 011, Uttar Pradesh, India
Date of Birth/Age :	11.06.1978
Date of Appointment :	10.06.2002
DIN No.:	00339035
Name :	Mr. Manoj Goyal
Designation :	Director
Address :	C-134 K, Surya Nagar, Ghaziabad – 201 011, Uttar Pradesh, India
Date of Birth/Age :	01.08.1975
Date of Appointment :	10.05.2005
DIN No.:	00339263

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 20.09.2012

Names of Shareholders	No. of Shares
Amit Goyal	596500
Santosh Goyal	367600
Manoj Goyal	324600
Gokun Impex, India	96500
Goyal Bristle House, India	203000
Subhash Goyal	105000
Anshul Goyal	50000
Deepali Goyal	157000
Total	1900200

Equity Share Break up (Percentage of Total Equity)

As on: 20.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Frozen Fruits and Vegetables.
Products :	Frozen Fruits Frozen Vegetables Frozen Pulp Fruit Juices I.Q.F. Fruits and Vegetables I.Q.F. Green Peas Frozen Mango Pulp and Slices I.Q.F. Strawberry I.Q.F. Corn Sweet I.Q.F. Mixed Vegetables I.Q.F. Carrot Cold Room Rental Services

GENERAL INFORMATION

Suppliers :

v Gupta Generators and Company

v Lalit Road Carriers

v L E Carriers Private Limited

v Rajesh Marketing Company

v Sandeep Flexo Printers

v Shiv Sai Gas Agency

v Temptation Foods Limited

v Delhi Baroda Road Carrier

v Hindustan Refrigeration Stores

v Sheetal Dawar Orchards

v Ch. Karan Singh and Company

v Triton Cold Chanin

Customers :

v Surya Herbal Limited

v Sharad Purnima Ent.

v Basic Ayurved

v Bio Life

v Lloyd Industries

v Devyani Foods Industry

v Mapro Foods Private Limited

No. of Employees :

35 (Approximately)

Bankers :

• Bank of Baroda, Vania Sheri Branch, Surat, Gujarat, India
• Punjab National Bank, SME Patparganj Branch, 372, Patparganj Industrial Area, New Delhi – 110 092, India
• ICICI Bank Limited,

Facilities :

(Rs. In Millions)

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Punjab National Bank Term Loan (Secured against Plant and Machines)	0.000	6.956
Punjab National Bank (Patparganj Cash Credit A/c)	38.711	31.203
HDFC Bank Vehicle Loan (Secured against Vehicle taken on finance)	0.343	0.516
Total	39.054	38.675

Banking Relations :	--
Auditors :
Name :	Anil Archit Khanna and Company Chartered Accountants
Address :	664, Aggarwal Chamber-III, Shakarpur, Delhi – 110 092, India
Tel. No.:	91-11-22026811
Mobile No.:	91-9899719099
PAN No.:	AAOPK9048E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1643200	Equity Shares	Rs.10/- each	Rs.16.432 millions

As on: 20.09.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1900200	Equity Shares	Rs.10/- each	Rs. 19.002 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		16.432	16.432	16.432
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.203	5.758	5.119
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.635	22.190	21.551
LOAN FUNDS
1] Secured Loans		39.054	38.675	28.639
2] Unsecured Loans		1.540	15.000	3.972
TOTAL BORROWING		40.594	53.675	32.611
DEFERRED TAX LIABILITIES		0.131	0.131	0.000
TOTAL		63.360	75.996	54.162
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.970	22.416	25.120
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	54.078	52.256	28.338
	Sundry Debtors	1.741	1.354	1.453
	Cash & Bank Balances	0.051	0.044	0.097
	Other Current Assets	0.826	1.372	0.598
	Loans & Advances	0.934	1.455	0.717
Total Current Assets		57.630	56.481	31.203
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.051	0.867	1.664
	Other Current Liabilities	1.529	1.610	0.000
	Provisions	0.689	0.667	0.554
Total Current Liabilities		14.269	3.144	2.218
Net Current Assets		43.361	53.337	28.985
MISCELLANEOUS EXPENSES		0.029	0.243	0.057
TOTAL		63.360	75.996	54.162

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income	217.849	192.932	174.291
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES
	Office Expenses	220.471	NA	176.043
	Administrative Expenses
	Advertising Expenses
	TOTAL	220.471	NA	176.043
PROFIT BEFORE TAX		2.983	NA	1.290
TAX		2.538	NA	NA
PROFIT AFTER TAX		0.445	0.770	NA
Earnings Per Share (Rs.)		0.27	0.47	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	1.37	NA	0.74
Return on Total Assets (PBT/Total Assets}	(%)	3.84	NA	2.29
Return on Investment (ROI) (PBT/Networth)		0.13	NA	0.06
Debt Equity Ratio (Total Debt/Networth)		1.79	2.41	1.51
Current Ratio (Current Asset/Current Liability)		4.04	17.96	14.07

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	Yes
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	No
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)	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]	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 Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Ganesh Ji	0.001	0.001
Barclays Bank	0.357	1.133
DBS Cholamandalam	0.000	0.483
Amit Goyal	1.182	0.561
Veggie Foods, Santosh Goyal	0.000	12.822
Total	1.540	15.000

FINANCIAL RESULTS:

Company has been engage in the business of processing of Vegetable and Fruits. During the year the Turnover of the Company is reach to Rs.217.800 millions with the Profit of Rs 0.445 million. Moreover, in the upcoming time, there is also good sign for foods Industry in India, therefore directors of the Company have hope that the company will do much better in the next year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10158100	11/03/2011 *	40,000,000.00	PUNJAB NATIONAL BANK	SME PATPARGANJ BRANCH, 372, PATPARGANJ INDUSTRIAL  AREA, NEW DELHI, DELHI - 110092, INDIA	B11703006
2	10158103	16/12/2010 *	46,500,000.00	PUNJAB NATIONAL BANK	SME BRANCH, PATPARGANJ INDUSTRIAL AREA, DELHI, DELHI - 110092, INDIA	B05448816
3	10158099	31/03/2009	11,000,000.00	PUNJAB NATIONAL BANK	SME BRANCH, 372 PARTPARGANJ INDUSTRIAL AREA, NEW  DELHI, DELHI - 110092, INDIA	A62513130
4	10043133	06/02/2008 *	18,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A36070712
5	10024227	06/02/2008 *	20,800,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A36070423

* Date of charge modification

FIXED ASSETS:

v Building

v Land

v Furniture and Fixtures

v Plant and Machinery

v Vehicles

v Mobile

v Office Equipment

v Computers

v Generator

v Inverter

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. 61.41
UK Pound	1	Rs. 99.29
Euro	1	Rs. 83.68

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPH

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	2
--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	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		26

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.