MIRA INFORM REPORT

Report Date :

24.09.2013

IDENTIFICATION DETAILS

Name :	MIRHA EXPORTS PRIVATE LIMITED
Registered Office :	6071, Nawab Road, Basti Harphool Singh, Sadar Bazar, New Delhi - 110006
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.09.1997
Com. Reg. No.:	55-089573
Capital Investment / Paid-up Capital :	Rs.11.850 Millions
CIN No.: [Company Identification No.]	U63022DL1997PTC089573
TAN No.: [Tax Deduction & Collection Account No.]	DELM08606D
PAN No.: [Permanent Account No.]	AAACM8612P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Fresh Frozen Buffalo Meat, Red Meat, Sheep Meat, and Mutton.
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 790000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. There appears huge external borrowing recorded by the company which seems to be increasing over years. 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 cautions.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB- (Long term Rating)
Rating Explanation	The inadequate credit quality. It carry high credit risk.
Date	March 2012

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 :	6071, Nawab Road, Basti Harphool Singh, Sadar Bazar, New Delhi-110006, India
Tel. No.:	91-11-23524295/ 23524029/ 2367758/ 65185534 / 23674758
Fax No.:	91-11-23634938
E-Mail :	gaiser1@sify.com shuab@mirhaexports.com infio@rmgcs.com, vipan_kundra@rediffmail.com
Website :	http://www.mirhaexports.com
Factory:	13-36-37, Site-4, Industrial Area, Sahibabad Industrial Area, Gaziabad-201010, Uttar Pradesh, India
Tel. No.:	91-11-65785534
Area :	Owned
Corporate Office :	30 Bazar Lane, Bengali Market, Connaught Place, New Delhi - 110001, India
Tel. No.:	91-11-23353271/ 72/ 73
Fax No.:	91–11-23353270
E-Mail :	shuab@mirhaexports.com ahmed@mirhaexports.com

DIRECTORS

As on: 30.09.2011

Name :	Mr. Qaiser Hussain Qureshi
Designation :	Director
Address :	6062, Nawab Road, Basti Harphool Singh, Sadar Bazar, Delhi-110006, India
Date of Birth :	20.03.1966
Date of Appointment :	02.06.2003
DIN No.:	00428732
Name :	Mr. Shuab Ahmed Qureshi
Designation :	Director
Address :	6066, Nawab Road, Basti Harphool Singh, Sadar Bazar, Delhi-110006, India
Date of Birth :	10.08.1968
Qualification :	Graduate
Date of Appointment :	11.09.1997
DIN No.:	00428845

MAJOR SHAREHOLDERS

As on: 30.09.2011

Names of Shareholders	No. of Shares
Shuab Ahmed Qureshi	123490
Qaiser Hussain	288500
Zareen Qureshi	62500
Arshia Shuab Ahmed Qureshi	707010
Kahkashan Qureshi	3500
Total	1185000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of Fresh Frozen Buffalo Meat, Red Meat, Sheep Meat, and Mutton.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, International Business Branch, Parliament Street, New Delhi-110001, Delhi, India

· HDFC Bank Limited

· ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Rupee term loans from banks	170.790	165.247
Short Term Borrowing
Rupee term loans from banks	73.039	44.657
Loans repayable on demand from banks	412.050	256.265
Total	485.089	300.922

Banking Relations :	--
Auditors :
Name :	Duggal Kundra and Associates Chartered Accountants
Address :	301, Neel Kanth Plaza, Road No.44, Pitampura, New Delhi-110034, Delhi, India
Tel. No.:	91-11-27027974
E-Mail :	Vipan_kundra@rediffmail.com
PAN.:	AHHPK4426G

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1185000	Equity Shares	Rs.10/- each	Rs.11.850 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	11.850	11.850
(b) Reserves & Surplus	186.001	133.209
(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)	197.851	145.059
(3) Non-Current Liabilities
(a) long-term borrowings	208.349	195.172
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	7.909	6.218
Total Non-current Liabilities (3)	216.258	201.390
(4) Current Liabilities
(a) Short term borrowings	489.005	305.143
(b) Trade payables	757.153	459.247
(c) Other current liabilities	112.898	58.790
(d) Short-term provisions	32.317	16.238
Total Current Liabilities (4)	1391.373	839.418
TOTAL	1805.482	1185.867
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	645.306	594.167
(ii) Intangible Assets	0.066	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.500	0.500
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	5.257	4.436
(e) Other Non-current assets	0.000	2.190
Total Non-Current Assets	651.129	601.293
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	492.318	251.679
(c) Trade receivables	515.986	164.103
(d) Cash and cash equivalents	88.005	104.347
(e) Short-term loans and advances	58.044	64.445
(f) Other current assets	0.000	0.000
Total Current Assets	1154.353	584.574
TOTAL	1805.482	1185.867

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		11.850
2] Share Application Money		0.000
3] Reserves & Surplus		100.387
4] (Accumulated Losses)		0.000
NETWORTH		112.237
LOAN FUNDS
1] Secured Loans		283.100
2] Unsecured Loans		11.759
TOTAL BORROWING		294.859
DEFERRED TAX LIABILITIES		0.000
TOTAL		407.096
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		273.275
Capital work-in-progress		0.000
INVESTMENT		0.500
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	116.893
	Sundry Debtors	223.353
	Cash & Bank Balances	45.765
	Other Current Assets	0.000
	Loans & Advances	58.171
Total Current Assets		444.182
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	294.947
	Other Current Liabilities	0.000
	Provisions	20.265
Total Current Liabilities		315.212
Net Current Assets		128.970
MISCELLANEOUS EXPENSES		0.000
OTHERS		4.351
TOTAL		407.096

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operation	5045.786	2285.931	1832.762
		Other Income	178.525	131.514	156.762
		TOTAL	5224.311	2417.445	1989.524
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	5084.205	2354.321	1935.580
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		140.126	63.124	53.944
Less/ Add	DEPRECIATION/ AMORTISATION		60.533	12.871	7.525
	PROFIT BEFORE TAX		79.593	50.253	46.419
Less	TAX		26.801	17.431	0.000
	PROFIT AFTER TAX		52.792	32.822	46.419
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		133.209	100.387	53.968
	BALANCE CARRIED TO THE B/S		186.001	133.209	100.387
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Export	4645.506	2205.066	1776.959
	TOTAL EARNINGS		4645.506	6850.572	3982.025
	Earnings Per Share (Rs.)		44.55	27.70	39.17

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.01	1.36	2.33
Net Profit Margin (PBT/Sales)	(%)	1.58	2.20	2.53
Return on Total Assets (PBT/Total Assets}	(%)	6.90	4.24	6.47
Return on Investment (ROI) (PBT/Networth)		0.40	0.35	0.41
Debt Equity Ratio (Total Debt/Networth)		3.52	3.45	2.62
Current Ratio (Current Asset/Current Liability)		0.83	0.70	1.41

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	Yes
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	Yes

OPERATION:

The company’s achieved total turnover of Rs. 5045.786 Millions as compared to last year’s turnover of Rs. 2285.931 Millions with an overall increase of Rs. 2759.855 Millions. The Company’s other Incomes have also increased from 131.514 Millions to 178.525 Millions. The net profits before depreciation of the company have also increased from Rs. 63.124 Millions to Rs. 140.126 Millions. The reason for increase in sales was due to production at full capacity at its new integrated meat processing plant at Dera Bassi and starting of production at its expansion project from 1^st January, 2012. The demand of frozen boneless buffalo meat is also increasing day by day with the opening of new foreign markets. The Directors’ are expecting more business in the current financial year with the approvals of our plant for more countries to import frozen boneless buffalo meat from our plant.

UNSECURED LOAN:

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Rupee term loans from others	37.559	29.926
Short Term Borrowing
Loans repayable on demand from others	3.235	3.100
Loans and advances from directors	0.569	1.019
Loans and advances from others	0.112	0.101
Total	41.475	34.146

LITIGATION DETAILS

IN THE HIGH COURT OF DELHI AT NEW DELHI

CS(OS) 553/2006

M/S HIND INDUSTRIES LIMITED

..... Plaintiff

Through: Adv. (appearance not given)

versus

M/S MIRHA EXPORTS PRIVATE LIMITED and ORS.

..... Defendant

Through: Mr. Munish Kr. Singh, Adv. for D-1 to 3.

CORAM:

JOINT REGISTRAR SH. DEEPAK GARG (DHJS)

O R D E R

01.04.2013

File taken up today as 25.03.2013 to 30.03.2013 were declared holidays.

CS(OS) 553/2006

Renotify the matter for evidence of plaintiff’s witnesses on 01st October, 2013 at 12 noon.

DEEPAK GARG (DHJS),

JOINT REGISTRAR

APRIL 01, 2013/nk

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10441903	31/07/2013	60,000,000.00	Bank of Baroda	INTERNATIONAL BUSINESS BRANCH, PARLIAMENT STREET, DELHI - 110001, INDIA	B81617904
2	10373235	09/08/2012	60,000,000.00	Bank of Baroda	INTERNATIONAL BUSINESS BRANCH, 16, SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA	B56673593
3	10242117	09/09/2010	600,000.00	Bank of Baroda	INTERNATIONAL BUSINESS BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	A95648424
4	10127443	26/09/2008	1,419,000.00	Bank of Baroda	INTERNATIONAL BUSINESS BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	A49512007
5	10127442	10/09/2008	1,337,000.00	Bank of Baroda	INTERNATIONAL BUSINESS BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	A49510118
6	10125880	28/08/2008	1,400,000.00	Bank of Baroda	INTERNATIONAL BUSINESS BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	A48368153
7	90055444	03/02/2012 *	977,500,000.00	Bank of Baroda	INTERNATIONAL BUSINESS BRANCH,, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B33077363

* Date of charge modification

FIXED ASSETS:

• Air Curtains / Cooler/Fan/AC
• Barrels
• Building (Dasna)
• Car
• Computer
• Cooling Tower
• Cycle
• Electric Fittings
• Equipments
• Factory Building
• Factory Land Fax Machine
• Fire Extinguisher
• Furniture and Fixture
• Generator
• 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.62.52
UK Pound	1	Rs.100.26
Euro	1	Rs.84.67

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		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.