MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	GEE PEE FOODS PRIVATE LIMITED
Registered Office :	Chakundi, Dankuni, Hooghly – 712310, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.06.2004
Com. Reg. No.:	21-098731
Capital Investment / Paid-up Capital :	Rs. 93.955 Millions
CIN No.: [Company Identification No.]	U15419WB2004PTC098731
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AACCG1462D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Chips.
No. of Employees :	300 (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 138000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has failed to file its financial for the year 2014 with the government department. As per available financial of 2013, there seems accumulated loss recorded by the company. Profitability of the company also seems to be low. However, trade relations are fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered 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 – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 PARTED BY

Name :	Mr. Chatterjee
Designation :	Manager
Contact No.:	91-9831349516
Date :	19.12.2014

LOCATIONS

Registered Office/Factory :	Chakundi, Dankuni, Hooghly – 712310, West Bengal, India
Tel. No.:	91-33-26591837
Mobile No.:	91-9831349516 (Mr. Chatterjee)
Fax No.:	Not Available
E-Mail :	info@geepeegroup.com geepeefoodspvtltd@gmail.com

DIRECTORS

As on: 26.09.2013

Name :	Mr. Ganesh Prasad Agarwal
Designation :	Managing Director
Address :	BE- 58 Sector – 1, SAltlake City, Kolkata – 700064, West Bengal, India
Date of Birth/Age :	05.07.1951
Date of Appointment :	01.12.2004
DIN No.:	00193189
Name :	Mr. Vikram Agarwal
Designation :	Director
Address :	BE- 58 Sector – 1, SAltlake City, Kolkata – 700064, West Bengal, India
Date of Birth/Age :	05.12.1983
Date of Appointment :	02.06.2004
DIN No.:	00193109

KEY EXECUTIVES

Name :	Mr. Chatterjee
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2014

LIST OF ALLOTTEES:

Shareholder Name	No. of Share
Priya Food Products Limited	4325000
Total	4325000

Shareholder Name	No. of Share
Behemoth Commosales Private Limited	300000
Rose Tradelink Private Limited	300000
Global Vanijya Private Limited	300000
Expertise Vintrade Private Limited	200000
Comfort Agency Private Limited	200000
Trapezium Management Private Limited	500000
Total	1800000

As on: 26.09.2013

SHAREHOLDERS DETAILS FILE ATTACHED

As on: 26.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	85.10
Directors or relatives of Directors	14.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Chips.
Products :	· Masala Potato Chips · Papri Chat Chips · Patato Chips · Plain Salted Chips · Sour and Onion Cream Chips · Cheese Mur Mure · Masala Mur Mure · Masti Tomato Chips · Tomato Mur Mure · Snaks · Candy · Papad · Namkeen · Penut
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	· Bangladesh · Sri Lanka · Nepal
Imports :
Products :	Raw Material
Countries :	-
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

· Creative Polypack Limited

Customers :

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 :

300 (Approximately)

Bankers :

· Indusind Bank Limited, Saltlake Sector – 1, Kolkata, West Bengal,

A/c No.: 200999135627

Banker Name :	State Bank of India
Branch Address :	Chakundi, Dankuni, Hoogly, West Bengal, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Loans taken for vehicles (Against Hypothecation of Vehicles)	0.353	0.522
Short Term Borrowing
Working capital loans from banks	2.674	49.598
Loans taken for vehicles	0.252	0.347
Total	3.279	50.467

Banking Relations :	---
Finance Institute:	Magma Fincorp Limited, Magma House, 24, Park Street, Kolkata – 700016, West Bengal, India
Auditors :
Name :	Rustagi and Associates Chartered Accountant
Address :	Room No -4, 1st Floor, 59, Bentick Street , Kolkata-700069, West Bengal, India
PAN No.:	AAFFR1346H
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	· Priya Food Products Limited · Geepee International Private Limited
Group Company:	· Priya Foods Limited

CAPITAL STRUCTURE

After As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs.10/- each	Rs. 160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15520500	Equity Shares	Rs.10/- each	Rs.155.205 Millions

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9395500	Equity Shares	Rs.10/- each	Rs.93.955 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	93.955	93.955	93.700
(b) Reserves & Surplus	(45.474)	(46.3540	(75.006)
(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)	48.481	47.601	18.694
(3) Non-Current Liabilities
(a) long-term borrowings	52.655	4.629	16.828
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.218	5.483	5.122
Total Non-current Liabilities (3)	57.873	10.112	21.950
(4) Current Liabilities
(a) Short term borrowings	28.229	100.804	93.897
(b) Trade payables	6.716	4.478	9.173
(c) Other current liabilities	105.957	100.279	117.901
(d) Short-term provisions	0.900	0.477	0.000
Total Current Liabilities (4)	141.802	206.038	220.971
TOTAL	248.156	263.751	261.615
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	111.736	112.282	98.799
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8.500	0.000	4.831
(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)	23.351	34.460	32.506
(d) Long-term Loan and Advances	10.860	19.606	20.005
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	154.447	166.348	156.141
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.558	35.726	50.325
(c) Trade receivables	35.497	40.225	35.054
(d) Cash and cash equivalents	12.943	16.818	19.507
(e) Short-term loans and advances	33.711	4.632	0.121
(f) Other current assets	0.000	0.002	0.467
Total Current Assets	93.709	97.403	105.474
TOTAL	248.156	263.751	261.615

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	90.954	77.583	NA
Less	EXPENSES
		TOTAL	75.783	75.774	NA
	PROFIT BEFORE TAX		15.171	1.809	NA
Less	TAX		14.292	(1.598)	NA
	PROFIT AFTER TAX		0.879	3.407	11.033
	Earnings Per Share (Rs.)		0.01	0.36	1.18

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	7.01	0.79	NA
Return on Investment (ROI) (PBT/Networth)		0.31	0.04	NA
Debt Equity Ratio (Total Debt /Networth)		1.67	2.21	5.92
Current Ratio (Current Asset/Current Liability)		0.66	0.47	0.48

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	93.700	93.955	93.955
Reserves & Surplus	(75.006)	(46.354)	(45.474)
Net worth	18.694	47.601	48.481
long-term borrowings	16.828	4.629	52.655
Short term borrowings	93.897	100.804	28.229
Total borrowings	110.725	105.433	80.884
Debt/Equity ratio	5.923	2.215	1.668

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Total Income	77.583	90.954
		17.234

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Total Income	77.583	90.954
Profit	3.407	0.879
	4.39%	0.97%

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 two 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	Yes
18]	Major customers	No
19]	Payments terms	No
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	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 LOAN

Particular	As on 31.03.2013 (Rs. in Millions)	As on 31.03.2012 (Rs. in Millions)
Long Term Borrowing
Interoperate borrowings	52.302	4.108
Short Term Borrowing
Interoperate borrowings	25.303	50.858
Total	77.605	54.966

BUSINESS REVIEW:

The Company gross sale of products has increased to Rs 90.954 Millions from Rs.77.583 Millions in the previous year.

During the year, Inspire of tuff competition, company was able to increased sales. Company is taking all efforts to boost the sales, in domestic market and is exploring the foreign market to export the goods. Management is hopeful to improve the sales in coming years.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10484508	28/02/2014	22,300,000.00	Magma Fincorp Limited	Magma House, 24, Park Street, Kolkata, West Bengal - 700016, India	C00357418

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

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.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RSM
Report Prepared by :	MTN

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
--PROFITABILIRY	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	YES
--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.