MIRA INFORM REPORT

Report Date :

08.12.2014

IDENTIFICATION DETAILS

Name :	ID FRESH FOOD (INDIA) PRIVATE LIMITED (w.e.f. 19.08.2013)
Formerly Known As :	MAGNIFICENT FOOD PRODUCTS PRIVATE LIMITED
Registered Office :	No. 37, Doddenkundi, Industrial Area, Whitefield Road, Mahadevpura, Bangalore – 560048, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.12.2012
Com. Reg. No.:	08-067294
Capital Investment / Paid-up Capital :	Rs.0.126 Million
CIN No.: [Company Identification No.]	U15549KA2012PTC067294
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRM20194G
PAN No.: [Permanent Account No.]	AAICM3930G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Processed Food and Snacks, Chutney, Dosa Batter, Idli Batter etc.
No. of Employees :	Information denied by management

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 66000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. There seems a growth in the company turnover during F.Y. 2014 however incurred a loss. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that 7ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Musthafa Pathayickode Cheriammed
Designation :	Director
Contact No.:	91-9729910520
Date :	06.12.2014

LOCATIONS

Registered Office :	No. 37, Doddenkundi, Industrial Area, Whitefield Road, Mahadevpura, Bangalore – 560048, Karnataka, India
Tel. No.:	91-80-22280886
Mobile No.:	91-9729910520 (Mr. Musthafa Pathayickode Cheriammed)
Fax No.:	Not Availabale
E-Mail :	mail@idspecial.com magnificentfood@gmail.com info@idfresh.in chinnappa@chinnappaassociates.com
Website :	http://idspecial.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Musthafa Pathayickode Cheriammed

Designation :

Director

Address :

Villa 27, Whitefield Boulerard, Whitefield-Hoskote Road, Opposite Sai Garden Whitefield B An, Bangalore - 560066, Karnataka, India

Date of Appointment :

18.11.2013

DIN No.:

06520356

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	U15549KA2012PTC067294	ID Fresh Food (India) Private Limited	Director	31/12/2013	18/11/2013	-	Active	NO

Name :

Talya Kandi Jafar

Designation :

Director

Address :

Thazhekandy, Chennalode P O, Kavumannam, Chennalode, Wayanad - 673121, Kerala, India

Date of Appointment :

11.03.2013

DIN No.:

06524146

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	U15549KA2012PTC067294	ID Fresh Food (India) Private Limited	Director	31/12/2013	18/11/2013	-	Active	NO

Name :

Tayakandi Kandi Shamsudeen

Designation :

Director

Address :

Thazhekandi Chennalode Post, Kavummannam,, Wayanad - 673121, Kerala, India

Date of Appointment :

18.11.2013

DIN No.:

06530507

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	U15549KA2012PTC067294	ID Fresh Food (India) Private Limited	Director	31/12/2013	18/11/2013	-	Active	NO

Name :

Mr. Abdul Nazer

Designation :

Director

Address :

No. 26, 5th Cross Abbaiah Readdy, Layout, C V Raman Nagar, Bangalore - 560093, Karnataka, India

Date of Appointment :

18.11.2013

DIN No.:

06727694

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	U15549KA2012PTC067294	ID Fresh Food (India) Private Limited	Director	31/12/2013	18/11/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders (Equity)	No. of Shares
Talya Kandi Jafar	1200
Tayakandi Kandi Shamsudeen	1400
Abdul Nazer	2400
Musthafa Pathayickode Cheriammed	5000
SCI Growth Investments – II, Mauritius	1
Total	10001

Names of Shareholders (Preference)	No. of Shares
SCI Growth Investments – II, Mauritius	525
Total	525

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Processed Food and Snacks, Chutney, Dosa Batter, Idli Batter etc.
Products :	Food Snacks Chutney Dosa Batter Idli Batter
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Abhishek Marketing Avinash Metals Frostec Solution Green Energy Company G R Industries Krupa Agencies Mahakali Granites Professional Diesel Power Engineering RD Gas and Kitchen Equipments SL Engineering Vission Enterprises Best Food Enterprises Balaji Electricals and Hardware’s Jaj Equipment Industries Trident Engineers Gowda Associates
Customers :	Not Divulged
No. of Employees :	Information denied by management
Bankers :	Not Divulged
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Chinnappa and Associates Chartered Accountants
Address :	# 210, 2nd Floor, Commerce House,Cunningham Road, Bangalore – 560052, Karnataka, India
PAN No.:	ABLPG5070C
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11905	Equity Shares	Rs.10/- each	Rs.0.119 Million
5300	Preference Shares	Rs.50/- each	Rs.0.265 Million
	Total		Rs.0.384 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10001	Equity Shares	Rs.10/- each	Rs.0.100 Million
525	Preference Shares	Rs.50/- each	Rs.0.026 Million
	Total		Rs.0.126 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.126	0.100
(b) Reserves & Surplus	23.048	(0.05)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	30.000
Total Shareholders’ Funds (1) + (2)	23.174	30.046
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(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)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	9.884	0.441
(c) Other current liabilities	(0.166)	0.012
(d) Short-term provisions	0.614	0.032
Total Current Liabilities (4)	10.332	0.485
TOTAL	33.506	30.531
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.597	0.094
(ii) Intangible Assets	0.236	0.297
(iii) Capital work-in-progress	10.499	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	17.839	23.120
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	32.171	23.511
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	1.335	7.020
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	0.000	0.000
Total Current Assets	1.335	7.020
TOTAL	33.506	30.531

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	13.922	0.378
		Other Income	NA	NA
		TOTAL	NA	NA
	EXPENSES		NA	NA
	PROFIT/(LOSS) BEFORE TAX		NA	NA
	TAX		NA	NA
	PROFIT/(LOSS) AFTER TAX		(6.872)	(0.054)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.054)	0.000
	BALANCE CARRIED TO THE B/S		(6.926)	(0.054)
	Earnings / (Loss) Per Share (Rs.)		(687.17)	(5.39)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	(49.36)	(14.29)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.13	14.47

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Share Capital	0.100	0.126
Reserves & Surplus	(0.054)	23.048
Share Application money pending allotment	30.000	0.000
Net worth	30.046	23.174
Long Term borrowings	0.000	0.000
Short Term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Sales	0.378	13.922
		3,583.069

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Sales	0.378	13.922
Profit	(0.054)	(6.872)
	(14.29%)	(49.36%)

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
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	No
24]	Banking facility details	No
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	No
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

FINANCIAL RESULTS AND PERFORMANCE:

During the year, the Company has achieved a turnover of Rs.13.922 Millions when compared to the previous year’s turnover of Rs.0.378 Millions. Due to the increase in expenses, the Company has incurred a loss of Rs.6.872 Millions when compared to the previous year’s loss of Rs.0.054 Millions.

The Directors are putting their best efforts for the growth of the Company and are hoping for the better results in the upcoming years.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.5
UK Pound	1	Rs.96.72
Euro	1	Rs.76.53

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	VNT

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	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	NO
--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.