MIRA INFORM REPORT

Report Date :

16.06.2014

IDENTIFICATION DETAILS

Name :	IRENES COFFEE COMPANY PRIVATE LIMITED (w.e.f.09.12.2010)
Formerly Known as :	DEVAANSH H S FOODS PRIVATE LIMITED
Registered Office :	M-67, 2^nd Floor, Greater Kailash, Part II, New Delhi – 110048
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.09.2002
Com. Reg. No.:	55-116912
Capital Investment / Paid-up Capital :	Rs.0.300 Million
CIN No.: [Company Identification No.]	U15316DL2002PTC116912
Legal Form :	Private Limited Liability Company
Line of Business :	Trade and Importer of Coffee Machines, Automatic Coffee Machines, Italian Coffee Machines etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Networth of the company has been eroded due to continuous accumulated loss incurred from its operations. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings on safe and secured trade terms and conditions.

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 DENIED BY

Name :	Mr. Abhishek Jain
Designation :	Sales Manager
Contact No.:	91-8826300244
Date :	14.06.2014

LOCATIONS

Registered Office :	M-67, 2^nd Floor, Greater Kailash, Part II, New Delhi – 110048, India
Tel. No.:	Not Available
Mobile No.:	91-8826300244 (Mr. Abhishek Jain)
Fax No.:	Not Available
E-Mail :	info@kkaushal.in
Head Office :	J-82, Paryavaran Complex, Ignou Road, Neb Sarai, New Delhi – 110068, India
Tel. No.:	91-11-29536221 / 29536216 / 29536220
Fax No.:	91-11-29536022 / 29536022

DIRECTORS

As on: 30.09.2013

Name :

Mr. Rikky Singh Kothiwal

Designation :

Director

Address :

M-67, 2^nd Floor, Greater Kailash, Residential Block, Part II, New Delhi – 110048, India

Date of Birth/Age :

24.11.1981

Date of Appointment :

27.11.2013

DIN No.:

05123485

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	U36900DL1988PTC032354	ACE FURNITURE SOLUTIONS PRIVATE LIMITED	Director	12/12/2011	12/12/2011	07/06/2013	Active	NO
2	U15316DL2002PTC116912	IRENES COFFEE COMPANY PRIVATE LIMITED	Director	27/11/2013	27/11/2013	-	Active	NO

Name :

Mr. Anup Kothiwal

Designation :

Director

Address :

M-67, 2^nd Floor, Greater Kailash, Residential Block, Part II, New Delhi – 110048, India

Date of Birth/Age :

23.09.1981

Date of Appointment :

21.05.2007

DIN No.:

0355615

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	U51109UP1984PLC006922	KOTHIWAL TEXTILES LIMITED	Director	05/07/2003	05/07/2003	-	Active	NO
2	U34300DL2003PTC121154	JAI INFRA REALITY PRIVATE LIMITED	Director	06/07/2006	06/07/2006	-	Active	NO
3	U51109UP1979PTC004714	KOTHIWAL COMPANY PRIVATE LIMITED	Director	01/02/2007	01/02/2007	-	Active	NO
4	U74999UP2007PTC033093	CHETNA APPARELS PRIVATE LIMITED	Director	31/03/2007	31/03/2007	01/02/2011	Active	NO
5	U15316DL2002PTC116912	IRENES COFFEE COMPANY PRIVATE LIMITED	Director	21/05/2007	21/05/2007	-	Active	NO
6	U18109UP2008PTC035511	CHETNA CLOTHING PRIVATE LIMITED	Director	20/06/2008	20/06/2008	-	Active	NO
7	U36900DL1988PTC032354	ACE FURNITURE SOLUTIONS PRIVATE LIMITED	Director	12/12/2011	09/03/2009	07/06/2013	Active	NO
8	U65993UP1995PLC017591	KOTHIWAL FINANCE AND INVESTMENT LIMITED	Director	12/10/2010	12/10/2010	-	Active	NO
9	U74140DL2012PTC232107	NAPIER REID INDIA PRIVATE LIMITED	Director	28/02/2012	28/02/2012	18/06/2012	Active	NO

Name :

Mr. Bhanwar Lal Kothiwal

Designation :

Director

Address :

M-67, 2^nd Floor, Greater Kailash, Residential Block, Part II, New Delhi – 110048, India

Date of Birth/Age :

20.08.1945

Date of Appointment :

21.05.2007

DIN No.:

0393500

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	U51109UP1979PTC004714	KOTHIWAL COMPANY PRIVATE LIMITED	Managing director	10/01/1979	10/01/1979	-	Active	NO
2	U51101UP1975PTC004199	JAIKOTHIWAL ESTATES PRIVATE LIMITED	Director	08/09/1983	08/09/1983	-	Active	NO
3	U51109UP1984PLC006922	KOTHIWAL TEXTILES LIMITED	Managing director	22/12/1984	22/12/1984	-	Active	NO
4	U18101UP1994PTC016374	JAGMINI MICRO KNIT PRIVATE LIMITED	Director	16/07/1994	16/07/1994	-	Active	NO
5	U65993UP1995PLC017591	KOTHIWAL FINANCE AND INVESTMENT LIMITED	Director	20/02/1995	20/02/1995	-	Active	NO
6	U34300DL2003PTC121154	JAI INFRA REALITY PRIVATE LIMITED	Director	06/07/2006	06/07/2006	-	Active	NO
7	U74999UP2007PTC033093	CHETNA APPARELS PRIVATE LIMITED	Director	31/03/2007	31/03/2007	23/02/2011	Active	NO
8	U15316DL2002PTC116912	IRENES COFFEE COMPANY PRIVATE LIMITED	Director	21/05/2007	21/05/2007	-	Active	NO
9	U74999UP2008PTC035481	CHETANA BUILDWELL PRIVATE LIMITED	Director	18/06/2008	18/06/2008	-	Active	NO
10	U18109UP2008PTC035511	CHETNA CLOTHING PRIVATE LIMITED	Director	20/06/2008	20/06/2008	-	Active	NO
11	U36900DL1988PTC032354	ACE FURNITURE SOLUTIONS PRIVATE LIMITED	Director	09/03/2009	09/03/2009	23/08/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhishek Jain
Designation :	Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares	%age
Bhanwar Lal Kothiwal	15000	50.00
Anup Kothiwal	15000	50.00
Total	30000	100.00

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 :	Trade and Importer of Coffee Machines, Automatic Coffee Machines, Italian Coffee Machines etc.
Products :	Autika Cappuccino Phedra Cappuccino Royal Cappuccino Idea Cappuccino

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Loans from HDFC Bank (For Car)	1.107	1.401
Shown in current maturities of Long-term debt	(0.294)	(0.294)
Total	0.813	1.107

Banking Relations :

--

Auditors :

Name :

K. Kaushal and Associates

Chartered Accountants

Address :

40, LGF, National Park, Lajpat Nagar, Part-IV, New Delhi – 110024, India

Tel. No.:

91-11-40522521 / 26468219

E-Mail :

info@kkaushal.in

PAN No.:

AAGPK1823M

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.10/- each	Rs.0.300 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	0.300	0.300	0.300
(b) Reserves & Surplus	(4.788)	(4.867)	(0.348)
(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)	(4.488)	(4.567)	(0.048)
(3) Non-Current Liabilities
(a) long-term borrowings	30.867	23.057	4.375
(b) Deferred tax liabilities (Net)	0.189	0.138	0.016
(c) Other long term liabilities	0.699	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	31.755	23.195	4.391
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	8.973	6.746	0.737
(c) Other current liabilities	1.628	1.971	0.285
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	10.601	8.717	1.022
TOTAL	37.868	27.345	5.365
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.113	14.609	0.132
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	17.113	14.609	0.132
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.099	9.473	4.347
(c) Trade receivables	10.761	2.731	0.493
(d) Cash and cash equivalents	0.603	0.406	0.109
(e) Short-term loans and advances	0.130	0.092	0.135
(f) Other current assets	0.162	0.034	0.149
Total Current Assets	20.755	12.736	5.233
TOTAL	37.868	27.345	5.365

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	33.917	7.345	1.415
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	NET PROFIT / (LOSS)		0.126	(1.415)	(0.953)

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	(6.88)	(5.05)	(91.15)
Current Ratio (Current Asset/Current Liability)	1.96	1.46	5.12

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	0.300	0.300	0.300
Reserves & Surplus	(0.348)	(4.867)	(4.788)
Net worth	(0.048)	(4.567)	(4.488)
long-term borrowings	4.375	23.057	30.867
Short term borrowings	0.000	0.000	0.000
Total borrowings	4.375	23.057	30.867
Debt/Equity ratio	(91.146)	(5.049)	(6.878)

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 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	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: The Registered Office of the company has been shifted from K-88 Hauz Khas Enclave, New Delhi - 110016, India to the present address w.e.f.21.05.2007.

OPERATIONS

This is year the company has achieved revenue from operations worth Rs.33.917 Millions as compared to Previous Year sales Rs.7.345 Millions. During the current financial year, the Company has earned net profit of Rs.0.126 Million, although it is marginal but keeping in view of losses in earlier year, this is a good year. They are hopeful that in next year performance of the company will be better than current year and further they are hopeful in next year, your company will make profits.

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Loan from Directors	8.435	13.540
Loan from Others	21.619	8.410
Total	30.054	21.950

INDEX OF CHARGES

No Charges Exists for Company

FIXED ASSETS

• Car
• Electric Installation
• Computer

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.59.48
UK Pound	1	Rs.100.93
Euro	1	Rs.80.71

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	VNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		13

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.