MIRA INFORM REPORT

Report Date :

12.02.2014

IDENTIFICATION DETAILS

Name :	CASPIAN CAVIAR AND FINE FOOD PRIVATE LIMITED
Registered Office :	Building No. E-130, Ground Floor, Amar Colony, Lajpat Nagar – 4, Near Police Station, New Delhi – 110024
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.07.2005
Com. Reg. No.:	55-138266
Capital Investment / Paid-up Capital :	Rs.0.600 Million
CIN No.: [Company Identification No.]	U15127DL2005PTC138266
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Food items.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 16000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The rating takes in to consideration dip in sales turnover of the company during the financial year 2013 and low profit margin of the company. However, trade relations are fair. Business is active. Payments terms are slow but correct. 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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 :	Building No. E-130, Ground Floor, Amar Colony, Lajpat Nagar – 4, Near Police Station, New Delhi – 110024, India
Tel. No.:	91-11-41631484
Fax No.:	91-11-41631484
E-Mail :	office@chanderparkash.com
:	B 33, Ground Floor, Kailash Colony, New Delhi – 110048, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Marshal Singh Brar

Designation :

Director

Address :

317/A, Ground Floor, Hanmorth Road,Houndelow,Middx,TW33SE, United Kingdom

Date of Birth/Age :

21.02.1964

Date of Appointment :

04.07.2005

DIN No.:

00834957

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	U15127DL2005PTC138266	CASPIAN CAVIAR AND FINE FOOD PRIVATE LIMITED	Director	04/07/2005	04/07/2005	-	Active	NO
2	U45200DL2006PTC157183	NICMARSH ELITE RESIDENTIAL PRIVATE LIMITED	Director	29/12/2006	29/12/2006	-	Active	NO

Name :

Mr. Manninder Singh

Designation :

Director

Address :

H.NO. 1068/1 Hig Flats, Sect-39-B, Chandigarh - 160025 Punjab, India

Date of Birth/Age :

05.12.1980

Date of Appointment :

08.09.2012

DIN No.:

05281519

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	U15127DL2005PTC138266	CASPIAN CAVIAR AND FINE FOOD PRIVATE LIMITED	Director	08/09/2012	18/06/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Marshal Singh Brar	4990
Manninder Singh	55010
Total	60000

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 :

Trader and Importer of Food items.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The Hongkong And Shanghai Banking Corporation Limited, 25, Barakhamba Road, New Delhi - 110001, Delhi, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
From Banks From Bank of HDFC Bank (Secured against Vehicle)	0.111	0.000
Short-term borrowings
Loans repayable on demand From Bank of HSBC Bank (Secured against Hypothecation of Stock)	4.035	0.000
Total	4.146	0.000

Banking Relations :	--
Auditors :
Name :	Chander Parkash and Company Chartered Accountants
Address :	207, Padma Tower-2, 22, Rajendra Place, New Delhi – 110008, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFC7091H

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs.10/- each	Rs. 0.600 Million

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	0.600	0.600	0.600
(b) Reserves & Surplus	3.324	2.895	2.028
(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)	3.924	3.495	2.628
(3) Non-Current Liabilities
(a) long-term borrowings	2.934	3.123	3.123
(b) Deferred tax liabilities (Net)	0.008	(0.002)	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)	2.942	3.121	3.123
(4) Current Liabilities
(a) Short term borrowings	4.035	0.000	0.000
(b) Trade payables	6.689	22.516	27.163
(c) Other current liabilities	2.635	2.457	0.726
(d) Short-term provisions	0.336	0.414	0.309
Total Current Liabilities (4)	13.695	25.387	28.198
TOTAL	20.561	32.003	33.949
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.220	0.967	1.208
(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	0.792	0.907	(0.008)
(e) Other Non-current assets	0.000	0.000	0.989
Total Non-Current Assets	2.012	1.874	2.189
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.923	3.510	6.907
(c) Trade receivables	14.132	23.244	20.126
(d) Cash and cash equivalents	1.132	2.310	4.446
(e) Short-term loans and advances	0.415	0.798	0.281
(f) Other current assets	0.947	0.267	0.000
Total Current Assets	18.549	30.129	31.760
TOTAL	20.561	32.003	33.949

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	95.727	134.719	97.114
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	94.609	133.413	96.157
	PROFIT BEFORE TAX		1.118	1.306	0.957
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		NA	NA	NA
	Earnings Per Share (Rs.)		NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	5.44	4.08	2.82
Return on Investment (ROI) (PBT/Networth)		0.28	0.37	0.36
Debt Equity Ratio (Total Debt /Networth)		1.78	0.89	1.19
Current Ratio (Current Asset/Current Liability)		1.35	1.19	1.13

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	Yes
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	--
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	No

NOTE: Registered office of the company has been shifted from E-130, 2nd Floor, Amar Colony, New Delhi – 110024, India to the present address w.e.f 13.02.2012

GENERAL REVIEW

The company’s performance was satisfactory during the year. The company achieve its target of its turnover as well as achieve its target of Net Profit. The Directors are hopeful that the company will achieve its target of Net Profit in the year to come. The future of the company seems to be bright. The Directors are continuously looking for avenues for future growth of the Company in industry.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans and advances from Related Parties	2.323	2.623
Loans and advances from Others	0.500	0.500
Total	2.823	3.123

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10296108	07/07/2011	5,600,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B16523060

FIXED ASSETS

Tangible Assets

Plant and Machinery

Furniture and Fixtures

Vehicles

Delivery Ven

Computers

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.62.44
UK Pound	1	Rs.102.48
Euro	1	Rs.85.28

INFORMATION DETAILS

Report Prepared by :

KVT

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	4
--CREDIT LINES	1~10	4
--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		31

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.