MIRA INFORM REPORT

Report Date :

17.12.2014

IDENTIFICATION DETAILS

Name :	RUPAREL FOODS PRIVATE LIMITED
Registered Office :	P B No. 12, 43 Industrial Plot, Bhavnagar, Mahuva 364290, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.11.2004
Com. Reg. No.:	04-045044
Capital Investment / Paid-up Capital :	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U15490GJ2004PTC045044
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Peanut Butter and Paste.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 160000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Not Available
Comments :	Subject is an established company having moderate track. There seems accumulated loss recorded by the company. However trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution. Note : As claimed by Mr. Vishal (Director) that the filing year of the company is 31/3/2013 and not 30/9/2013.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA Rating
Rating	Term Loan = BB-
Rating Explanation	Have Moderate Risk of Default
Date	January 2014

Rating Agency Name	ICRA Rating
Rating	Letter of Credit = A4
Rating Explanation	Have Minimal Degree of Safety and Carry Very High Credit risk.
Date	January 2014

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 PARTED BY

Name :	Mr. Vishal
Designation :	Director
Contact No.:	91-9898026817
Date :	16.12.2014

LOCATIONS

Registered Office/Factory :	P B No. 12, 43 Industrial Plot, Bhavnagar, Mahuva 364290, Gujarat, India
Tel. No.:	91-2844-222625/222681
Mobile No.:	91-9898026817 (Mr. Vishal Ruparel)
Fax No.:	91-2844-222852/223575
E-Mail :	jhgaudani@yahoo.co.in ruparelindia@gmail.com ruparelad1@sancharnet.in
Website :	www.rupafood.com
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Ranchhoddas Kikabhai Ruparel

Designation :

Director

Address :

15, Sarvodaya Society Behind Gandhi Bagh, Mahuva 364290, Gujarat, India

Date of Appointment :

14.12.2004

DIN No.:

00077543

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	U25209GJ1980PTC003667	RUPAREL NETS PVT LTD	Director	19/02/1980	19/02/1980	-	Active	NO
2	U26941GJ1981PLC004394	RUPAREL CEMENT LIMITED	Director	27/05/1981	27/05/1981	-	Active	NO
3	U25209GJ1981PTC004395	RUPAREL PLASTICS PVT LTD	Director	19/04/1989	19/04/1989	-	Active	NO
4	U25209GJ1981PTC004396	RUPA WEAVE PVT LTD	Director	20/07/1989	20/07/1989	-	Active	NO
5	U15147GJ1979PTC003515	RUPAREL DEHYDERATION PRIVATE LIMITED	Director	01/08/1989	01/08/1989	-	Active	NO
6	U15490GJ2004PTC045044	RUPAREL FOODS PRIVATE LIMITED	Director	14/12/2004	14/12/2004	-	Active	NO

Name :

Mr. Pankajkumar Ranchhoddas Ruparel

Designation :

Director

Address :

15, Sarvodaya Society Behind Gandhi Bagh, Mahuva 364290, Gujarat, India

Date of Appointment :

23.11.2004

DIN No.:

00077676

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	U25209GJ1981PTC004396	RUPA WEAVE PVT LTD	Director	27/05/1981	27/05/1981	-	Active	NO
2	U25209GJ1981PTC004395	RUPAREL PLASTICS PVT LTD	Director	27/05/1981	27/05/1981	-	Active	NO
3	U15147GJ1979PTC003515	RUPAREL DEHYDERATION PRIVATE LIMITED	Director	01/07/1983	01/07/1983	-	Active	NO
4	U25209GJ1980PTC003667	RUPAREL NETS PVT LTD	Director	01/08/1989	01/08/1989	-	Active	NO
5	U15490GJ2004PTC045044	RUPAREL FOODS PRIVATE LIMITED	Director	23/11/2004	23/11/2004	-	Active	NO

Name :

Mr. Vishalkumar Pankajkumar Ruparel

Designation :

Director

Address :

15, Sarvodaya Society Behind Gandhi Bagh, Mahuva 364290, Gujarat, India

Date of Appointment :

23.11.2004

DIN No.:

00077767

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	U25209GJ1981PTC004396	RUPA WEAVE PVT LTD	Director	25/09/2004	25/09/2004	-	Active	NO
2	U25209GJ1980PTC003667	RUPAREL NETS PVT LTD	Director	25/09/2004	25/09/2004	-	Active	NO
3	U15490GJ2004PTC045044	RUPAREL FOODS PRIVATE LIMITED	Director	23/11/2004	23/11/2004	-	Active	NO
4	U25209GJ1981PTC004395	RUPAREL PLASTICS PVT LTD	Director	25/09/2005	25/09/2005	-	Active	NO

Name :

Mr. Shyam Pankajbhai Ruparel

Designation :

Director

Address :

15, Sarvodaya Society Behind Gandhi Bagh, Mahuva 364290, Gujarat, India

Date of Birth/Age :

07.06.1986

Date of Appointment :

03.04.2008

DIN No.:

01558313

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	U25209GJ1981PTC004396	RUPA WEAVE PVT LTD	Director	15/06/2007	15/06/2007	-	Active	NO
2	U25209GJ1981PTC004395	RUPAREL PLASTICS PVT LTD	Director	15/06/2007	15/06/2007	-	Active	NO
3	U25209GJ1980PTC003667	RUPAREL NETS PVT LTD	Director	15/06/2007	15/06/2007	-	Active	NO
4	U15490GJ2004PTC045044	RUPAREL FOODS PRIVATE LIMITED	Director	03/04/2008	03/04/2008	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Ranchhoddas K Ruparel	1185000
Pankajkumar R Ruparel	1790000
Vishalkumar P Ruparel	655000
Shyam P Ruparel	30000
Kusumben R Ruparel	600000
Rekhaben P Ruparel	40000
Ruparel Plastic Private Limited – India	100000
Rupaweave Private Limited – India	350000
Ruparel Net Private Limited – India	250000
Total	5000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Peanut Butter and Paste.

Products :

• Table Margarine With Low In Saturated Fats
• Fresh Pasteurised Smooth Butter
• Pasteurised Cooking Butter
• Butter And Coconut Cookies
• Cooking Butter

ITC Code	Product Description
0110	Peanut Butter

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• USA
• UK
• Korea
• Germany
• Taiwan
• Saudi
• Arabia
• Canada
• Australia
• South Africa
• Japan

Imports :

Not Divulged

Terms :

Selling :

Cash and L/C

Purchasing :

Cash and L/C

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

• Wholesalers, Retailers and Manufacturer

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Darbar Garh, Bhavnagar, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Gaudani Associates Chartered Accountant
Address :	101, Vishal Flats, Garden Road, Mahuva – 364290, Gujarat, India
PAN No.:	ACHPG0358A
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.000	50.000	15.000
(b) Reserves & Surplus	4.917	(0.042)	(0.913)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	54.917	49.958	14.087
(3) Non-Current Liabilities
(a) long-term borrowings	98.884	57.145	40.639
(b) Deferred tax liabilities (Net)	4.394	0.737	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	103.278	57.882	40.639
(4) Current Liabilities
(a) Short term borrowings	55.298	27.822	22.411
(b) Trade payables	13.377	8.795	4.403
(c) Other current liabilities	0.560	1.212	8.461
(d) Short-term provisions	0.221	0.047	0.041
Total Current Liabilities (4)	69.456	37.876	35.316
TOTAL	227.651	145.716	90.042
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	127.752	44.062	34.779
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.421	49.887	5.091
(e) Other Non-current assets	5.937	2.243	0.000
Total Non-Current Assets	136.110	96.192	39.870
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	29.416	19.007	28.908
(c) Trade receivables	46.665	16.538	16.494
(d) Cash and cash equivalents	0.263	0.278	0.194
(e) Short-term loans and advances	15.197	13.701	4.576
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	91.541	49.524	50.172
TOTAL	227.651	145.716	90.042

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	244.548	250.842	150.585
	Other Income	7.793	11.781	0.985
	TOTAL (A)	252.341	262.623	151.570
Less	EXPENSES
	Cost of Materials Consumed	155.122	182.739	87.943
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(6.360)	(1.624)	3.903
	Employees benefits expense	3.543	0.897	0.692
	Other expenses	75.795	67.271	46.246
	TOTAL (B)	228.100	249.283	138.784
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	24.241	13.340	12.786
Less	FINANCIAL EXPENSES (D)	7.849	6.643	3.815
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	16.392	6.697	8.971
Less/ Add	DEPRECIATION/ AMORTISATION (F)	7.777	5.089	3.603
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	8.615	1.608	5.368
Less	TAX (I)	3.656	0.065	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	4.959	1.543	5.368
	Earnings / (Loss) Per Share (Rs.)	1.72	0.32	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.03	0.62	3.56
Operating Profit Margin (PBDIT / Sales)	(%)	9.91	5.32	8.49
Return on Total Assets (PBT/Total Assets}	(%)	3.78	1.10	5.96
Return on Investment (ROI) (PBT/Networth)		0.16	0.03	0.38
Debt Equity Ratio (Total Debt /Networth)		2.81	1.70	4.48
Current Ratio (Current Asset/Current Liability)		1.32	1.31	1.42

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	15.000	50.000	50.000
Reserves & Surplus	(0.9130	(0.042)	4.917
Net worth	14.087	49.958	54.917
long-term borrowings	40.639	57.145	98.884
Short term borrowings	22.411	27.822	55.298
Total borrowings	63.050	84.967	154.182
Debt/Equity ratio	4.476	1.701	2.808

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	150.585	250.842	244.548
		66.578	(2.509)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	150.585	250.842	244.548
Profit	5.368	1.543	4.959
	3.56%	0.62%	2.03%

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	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)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
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	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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80065105	19/02/2013 *	152,000,000.00	STATE BANK OF INDIA	STATION ROAD BRANCH, MAHUVA, Gujarat - 364290, INDIA	B70845193

* Date of charge modification

FIXED ASSETS:

• Factory Building
• Plant and Machinery
• Lab Equipment
• Computer
• Office Equipment

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 records 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.63.41
UK Pound	1	Rs.99.30
Euro	1	Rs.79.00

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.