MIRA INFORM REPORT

Report Date :

15.01.2014

IDENTIFICATION DETAILS

Name :	GALORE FOODS PRIVATE LIMITED
Registered Office :	482, Market Yard, Pune – 411037, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.04.2007
Com. Reg. No.:	11-129980
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U15134PN2007PTC129980
TAN No.: [Tax Deduction & Collection Account No.]	PNEG13492D/ PNEG08348E
PAN No.: [Permanent Account No.]	AACCG8264H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Wheat Floor Atta, Whole Wheat Atta and Chakki Atta.
No. of Employees :	Not Divulged

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 9000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. External borrowing of the company seems to be huge, which acts as threatening to the liquidity postion of the company. However, trade relations are fair. Business is active. Payment terms are slow. 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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.

INFORMATION DECLINED BY

Name :	Mr. Yatin Runwal
Designation :	Account Manager
Contact No.:	91-9372450001
Date :	15.01.2014

LOCATIONS

Registered Office :	482, Market Yard, Pune – 411037, Maharashtra, India
Tel. No. :	91-20-24273542
Mobile No. :	91-9372450001 (Mr. Yatin Runwal)
Fax No. :	Not Available
E-Mail :	csnavin@gmail.com

DIRECTORS

As on 26.09.2013

Name :

Mr. Amit Baldota

Designation :

Director

Address :

B-102, Lal Baug Society, Market Yard, Pune – 411037, Maharashtra, India

Date of Birth/Age :

29.11.1978

Date of Appointment :

18.04.2007

DIN No. :

01414656

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	Company/ LLP Status	Defaulting status
1	U15134PN2007PTC129980	GALORE FOODS PRIVATE LIMITED	Director	18/04/2007	18/04/2007	Active	NO
2	U45209PN2011PTC139009	GALORE LANDMARK PRIVATE LIMITED	Director	28/03/2011	28/03/2011	Active	NO

Name :

Mansukhlal Baldota

Designation :

Director

Address :

OCC Flat No. 12, 2+3^rd Floor, S. No. 589/B, Plot No. 33, Bibwewadi, Pune – 411037, Maharashtra, India

Date of Birth/Age :

02.06.1953

Date of Appointment :

18.04.2007

DIN No. :

01414968

KEY EXECUTIVES

Name :	Mr. Yatin Runwal
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2013

Names of Shareholders	No. of Shares
Amit Baldota	65000
Mansukhlal Baldota	30000
Manuskhlal Dagdulal Baldota	1000
Anuja Manoj Chordiya	1000

As on 26.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wheat Floor Atta, Whole Wheat Atta and Chakki Atta.

GENERAL INFORMATION

Suppliers :

· Akshay Trading Company

Katariya Polysack

Rudrawar Trading Corporation

Shree Ganesh Trading Company

Shri Vardhman Trading Company

Kubera Dal and Besan Mill

Bajrang Trading

Hindusthan Poly Paks

Devnandi Trading Company

Laxmi Provision Stores Khadki

No. of Employees :

Not Divulged

Bankers :

· Pune Peoples Co-operative Bank Limited, 606, Sadashivpeth, Market Yard Branch, Pune - 411030, Maharashtra, India

Bank Of Maharashtra

Laxmi Bank

Mhanagr Co-operative Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Pune Peoples Bank	8.670	6.339
ICICI Bank Term Loan	0.265	4.733
Total	8.935	11.072

Banking Relations :	--
Auditors :
Name :	J C Bhansali and Company Chartered Accountants
Address :	418, Narayan Peth, 1st Floor, Umbrya Ganpati Chowk, Pune – 411030, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ABGPB3998M

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.000	1.000
(b) Reserves & Surplus	1.391	0.968
(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)	2.391	1.968
(3) Non-Current Liabilities
(a) long-term borrowings	29.676	23.638
(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)	29.676	23.638
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	6.683	5.116
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	6.683	5.116
TOTAL	38.750	30.722
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.954	7.450
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.251	0.251
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	7.205	7.701
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	7.146	3.623
(c) Trade receivables	17.864	13.854
(d) Cash and cash equivalents	1.896	0.828
(e) Short-term loans and advances	4.115	4.172
(f) Other current assets	0.524	0.544
Total Current Assets	31.545	23.021
TOTAL	38.750	30.722

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		1.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.760
4] (Accumulated Losses)		0.000
NETWORTH		1.760
LOAN FUNDS
1] Secured Loans		8.399
2] Unsecured Loans		23.310
TOTAL BORROWING		31.709
DEFERRED TAX LIABILITIES
TOTAL		33.469
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.409
Capital work-in-progress		0.000
INVESTMENT		0.251
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.506
	Sundry Debtors	11.042
	Cash & Bank Balances	6.723
	Other Current Assets	0.557
	Loans & Advances	2.325
Total Current Assets		28.153
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.776
	Other Current Liabilities	1.568
	Provisions	0.000
Total Current Liabilities		2.344
Net Current Assets		25.809
MISCELLANEOUS EXPENSES		0.000
TOTAL		33.469

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	219.183	168.111
		Other Income	0.175	0.325
		TOTAL (A)	219.358	168.436
Less	EXPENSES
		Manufacturing Costs	194.609	147.454
		Other Manufacturing and Administrative Cost	20.450	16.095
		Selling Costs	2.089	1.872
		TOTAL (B)	217.148	165.421
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.210	3.015
Less	FINANCIAL EXPENSES (D)		0.767	1.697
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.443	1.318
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.933	1.010
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.510	0.308
Less	TAX (H)		0.087	0.100
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.423	0.208
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.968	0.760
	BALANCE CARRIED TO THE B/S		1.391	0.968
	Earnings / (Loss) Per Share (Rs.)		4.23	2.08

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.19	0.12	N.A.
Net Profit Margin (PBT/Sales)	(%)	0.23	0.18	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	1.32	1.01	N.A.
Return on Investment (ROI) (PBT/Networth)		0.21	0.16	N.A.
Debt Equity Ratio (Total Debt/Networth)		12.41	12.01	18.02
Current Ratio (Current Asset/Current Liability)		4.72	4.50	12.01

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 two 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	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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10078850	26/10/2007	10,000,000.00	PUNE PEOPLES CO-OPERATIVE BANK LIMITED	606, SADASHIVPETH, MARKET YARD BRANCH, PUNE - 411030, MAHARASHTRA, INDIA	A27826841

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans From Directors	10.840	15.224
Loans From Others	9.901	1.602
Total	20.741	16.826

FIXED ASSETS

· Building and Construction

Car

Computer

Electrical Equipments

Electrical Installation

Electric Goods

Furniture A/C

Land

Machinery A/c

Mobile Phone

Packing Machine

Paiggio – 743

Paiggio – 1081

Paiggio – 288

Printer With Ups

Truck – 709

Truck – 1109

Weighing Machine

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] 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.61.52
UK Pound	1	Rs.101.48
Euro	1	Rs.84.11

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

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	2
--RESERVES	1~10	3
--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	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.