MIRA INFORM REPORT

Report Date :

06.11.2014

IDENTIFICATION DETAILS

Name :	A S FOODS
Registered Office :	1/114, 1st Floor, Crystal Plaza, New Link Road, Andheri [West], Mumbai - 400052, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Establishment :	02.08.2010
Capital Investment :	Rs. 60.177 Millions
IEC No.:	0310020271
TIN No.:	27190793255
PAN No.: [Permanent Account No.]	AARFA9589K
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Merchant Exporter of all types of Agro Products like Yellow Corn, Non-Basmati Rice, Sugar, Soya meal Extraction, Sesame Seed etc.
No. of Employees :	8 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having moderate track record. The rating is constrained on account of concern’s moderate operational performance which has resulted in declining in profitability of the concern during 2014 and below average liquidity position of the concern. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The concern 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had willfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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. Sanjiv S. Chandan
Designation :	Partner
Contact No.:	91-9920191757
Date :	29.10.2014

LOCATIONS

Registered Office :	1/114, 1st Floor, Crystal Plaza, New Link Road, Andheri [West], Mumbai - 400052, Maharashtra, India
Tel. No.:	91-22-42641152/ 53
Mobile No.:	91-9920191757 [Mr. Sanjiv S. Chandan]
Fax No.:	91-22-42952252
E-Mail :	chandan@asfood.in
Location :	Rented

PARTNERS

Name :	Mr. Sanjiv S. Chandan
Designation :	Partner
Address :	B-401, Vandana CHSL, SVP Nagar, Mhada, Andheri [West], Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	06.06.1961
Qualification :	BA [Economics]
Experience :	15 Years
PAN No.:	AJAPC2546A
Background :	Has started his career in the field of Agro exports as a head of departrnent with Almighty International and was involved in developing a customer base and buyers confidence in products like yellow corn, Soya Meal, Rice, wheat, Raw and white sugar. Subsequently Almighty decided to shift their focus and started their own C.F.S. and stopped the export division. The buyers and the suppliers requested Sanjiv Chandan not to stop the business and in fact requested him to please continue the supply. Initially the products were procured from other exporters and goods were exported to the buyers who had been requesting him to continue doing so.
Name :	Mohamed Shafi-Gehlot
Designation :	Partner
Address :	Sachin House, 2^nd Floor, 18 Dadabhai Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	14.07.1953
Qualification :	Graduate
Experience :	20 Years

BUSINESS DETAILS

Line of Business :	Merchant Exporter of all types of Agro Products like Yellow Corn, Non-Basmati Rice, Sugar, Soya meal Extraction, Sesame Seed etc.
Exports :
Products :	Agro Products like Yellow Corn, Non-Basmati Rice, Sugar, Soya meal Extraction, Sesame Seed etc.
Countries :	v Perkhidmatan – Malaysia v Ameropa Asia Pte Limited – All around the world v Olam International – Singapore and all African Countries v Sinnon Trading Co. – Malaysia
Terms :
Selling :	L/C, Cash on delivery and Others [DP Sight]
Purchasing :	Cash on delivery and Credit [10 Days]

GENERAL INFORMATION

Suppliers :

SR. NO.	SUPPLIERS NAME	ADDRESS	CONTACT PERSON	CONTACT NO.
1	Sitaram Kanhaiyalal Jaiswal	Sale Hall No. 3, Shop No. 37, Jadhawadi Market Yard, Aurangabad	Mr. Sitaram	91-240-2390289
2	Shantinath Traders	Sale Hall No. 4, Shop No. 70, Chatpati Shivaji Market Yard, Jalgaon Road, Aurangabad, Maharashtra	Mr. Baba	91-240-2343151
3	S.R. Shah and Company	Sholapur District	Mr. Shah	91-9422067422
4	Neha Agro	Sholapur District	Mr. Bhartbhai	91-9422067422
5	Vardhman Mohanlal and Company	Market Yard, Umarana, Taluka Deola, Nashik Maharashtra	Mr. Mohanlal	91-2554-250129
6	Vardhman Trading Company	Navin Bazar, Sale Hall No. 5, Jadhawadi, Aurangabad, Maharashtra	Via-Broker	91-240-2380733
7	Shri Siddeshwar SSK Limited	Kumathe District, Solapur Maharashtra	Mr. Sanjay Khadge	91-9372114945
8	Jakharia Sugar Mill	--	Mr. Sanjay Khadge	91-9372114945
9	Kakinada-Broker	Kakinada	Mr. Shekhar	91-9866183563
10	B.R. Swami	Kakinada	Mr. Swami	--
11	Sha Ganeshmal Jewatraj Bohra	Jawahar Road, Koppal – 583231 Karnataka	Mr. Mohit	91-8539-220365

Customers :

Wholesalers and OEM’s

SR. NO.	CUSTOMERS NAME	ADDRESS	CONTACT PERSON	CONTACT NO.
1	Ameropa Asia Pte. Limited	One Temasek Avenue, Millenia Tower, 31-02, Singapore 039192	Mr. Pankaj Kakkar	022-61713104
2	Olam International Limited	DLF Building no. 8, Tower A, Ground Floor, Phase II, Cyber City, Gurgaon – 122002, Haryana	Mr. Amit	91-9650243334
3	Perkhidmatan Kargo Tumpatan Sdn. Bhd	P.O. Box No. 333, Pejabat Post, Besar, 75710 Melaka-Malaysia	Mr. Liu	0060-166408880
4	Agrocorp International Pte. Limited	10 Anson Road, # 34-04/05/06 International Plaza Singapore 079903	Ms. Shashi	0065-85330664
5	Peter Cremer (S) Gmbh	Darabshaw House, 4^th Floor, S.V. Marg, Ballard Estate, Mumbai – 400001	Mr. Govind Mr. Rajan	91-22-44619498
6	Sinnon Trading Sdn. Bhd	3^rd Floor, 2 Bangunan TH 45, Green Hall, Malaysia	Mr. Nitin Bansal	91-22-28775623

No. of Employees :

8 (Approximately)

Bankers :

v The Cosmos Co-operative Bank Limited

45, Saraswati Niwas, Vile Parle [East], Mumbai, Maharashtra, India

Facilities :

Credit Limit = Rs. 200.000 Millions

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Cosmos Bank A/c. EPC	99.957	99.966
The Cosmos Cooperative Bank Limited	103.737	101.782
HDFC Bank A/c. Car Loan	0.823	0.000
Total	204.517	201.748

Banking Relations :	--
Auditors :
Name :	N.K. Mittal and Associates Chartered Accountants
Address :	Office No. 620, 6^th Floor, Pearl Plaza, Opposite Andheri Railway Station, Mumbai, Maharashtra, India
Mobile No.:	91-9892640589
E-Mail :	nkmittalandassociates@gmail.com

CAPITAL STRUCTURE

PARTNERS CAPITAL AS ON 31.03.2014

PARTICULARS	AMOUNT IN MILLIONS
Sanjiv Chandan	58.036
Shafi M. Gehlot	2.141
TOTAL	60.177

FINANCIAL DATA

[all figures are in Rupees Millions]

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Partners Capital		60.177	56.685	50.493
2] Share Application Money		0.000	0.000	0.000
3] Profit and Loss Account		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		60.177	56.685	50.493
LOAN FUNDS
1] Secured Loans		204.517	201.748	185.937
2] Unsecured Loans		50.646	30.309	34.620
TOTAL BORROWING		255.163	232.057	220.557
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		315.340	288.742	271.050
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.988	0.057	0.053
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.100	0.100	0.100
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	195.312	125.287	144.215
	Sundry Debtors	46.955	67.749	29.851
	Cash & Bank Balances	0.441	0.912	3.661
	Other Current Assets	47.273	44.711	22.231
	Loans & Advances	37.993	69.941	88.000
Total Current Assets		327.974	308.600	287.958
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.176	12.680	16.836
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.546	7.335	0.225
Total Current Liabilities		13.722	20.015	17.061
Net Current Assets		314.252	288.585	270.897
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		315.340	288.742	271.050

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales	697.997	902.940	317.654
		Other Income	6.618	47.952	3.544
		TOTAL	704.615	950.892	321.198
Less	EXPENSES
		Cost of goods sold	579.539	849.086	283.583
		Brokerage and Commission	1.342	1.749	0.495
		Stuffing and Handling Charges	2.450	0.458	0.159
		Ocean Freight	13.709	18.619	3.449
		Transportation Charges	21.095	1.053	0.168
		Fumigation Charges	2.318	0.430	0.152
		Bank Charges	1.165	0.797	0.529
		Clearing and Forwarding	10.865	21.998	3.069
		Detention Charges	4.213	2.506	3.039
		ECGC Premium	1.477	1.390	0.000
		EPC Interest	14.127	12.607	6.021
		Export Expenses	11.844	0.637	0.056
		Inspection Charges	1.863	0.659	0.120
		Insurance Charges	1.070	0.966	0.230
		Interest Paid	15.493	15.201	6.188
		Salary and Bonus	1.514	0.524	0.482
		Terminal Handling Charges	6.845	4.522	1.957
		Tour and Travelling Expenses	1.274	0.861	0.069
		Salary to Partner	1.200	1.500	0.000
		Other Expenses	5.553	6.886	10.150
		TOTAL	698.956	942.449	319.916
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		5.659	8.443	1.282
Less/ Add	DEPRECIATION/ AMORTISATION		0.075	0.025	0.039
	NET PROFIT		5.584	8.418	1.243

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.80	0.93	0.39
Return on Total Assets (PBT/Total Assets}	(%)	1.70	2.73	0.43
Return on Investment (ROI) (PBT/Networth)		0.09	0.15	0.02
Debt Equity Ratio (Total Debt/Networth)		4.24	4.09	4.37
Current Ratio (Current Asset/Current Liability)		23.90	15.42	16.88

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)
Partners’ Capital	50.493	56.685	60.177
Profit and Loss A/c	0.000	0.000	0.000
Net worth	50.493	56.685	60.177
Secured Loans	185.937	201.748	204.517
Unsecured Loans	34.620	30.309	50.646
Total borrowings	220.557	232.057	255.163
Debt/Equity ratio	4.368	4.094	4.240

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	317.654	902.940	697.997
		184.253	(22.697)

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	317.654	902.940	697.997
Net Profit	1.243	8.418	5.584
	0.39%	0.93%	0.80%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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 LOANS

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2013
Antilia Lifecare	6.680	6.680
Pec Limited	31.345	10.708
Atlantis Life Sciences Private Limited	4.190	4.190
Trinity Multi Traders Private Limited	8.431	8.731
Total	50.646	30.309

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTION
	Gross Sales
	Domestic Sales	50.000	50.000
1	Export Sales	850.000	1100.000
2	Deemed exports	700.000	1000.000
3	Total Sales	1600.000	2150.000
4	% of rise [+] or fall [-] in net sales as compared to previous year	129.23%	34.38%
5	Export Incentives	31.900	4.000
	i. Opening Stock	195.312	184.400
	ii. Purchases	1482.560	1992.190
	iii. Direct Expenses	50.300	65.300
	iv. Closing Stock	184.400	191.200
	Sub-total [Total Cost of Sales]	1543.772	2050.690
6	Gross Profit [3-4]	88.128	103.310
7	Service Charges and Other Income	2.500	3.200
8	Sub-total [6+7]	90.628	106.510
9	Selling, General & Administrative Expenses	48.200	49.880
10	Operating profit before Depreciation and Interest	42.428	56.630
11	Depreciation	0.060	0.045
12	Operating Profit before Interest	42.368	56.585
13	Interest	30.000	37.500
14	Operating profit after interest	12.368	19.085
15	Other Income / Expenses [Non-Operating]	--	--
16	Add: Income	--	--
17	Deduct: Expenses	--	--
	Sub-total	--	--
18	Profit before Tax/Loss	12.368	19.085
19	Less: Provision for taxes	--	3.817
20	Net Profit / (Loss) after Tax	12.368	15.268
21	Retained Profit of Previous years	--	--
22	Less: Appropriations	--	--
	Proposed Dividend	--	--
	Transfer to General Reserve	--	--
23	Retained Profit / (Loss)	12.368	15.268
	PBT/ Gross Sales	0.77%	0.89%
	PAT/ Gross Sales	0.77%	0.71%
	Dividend Rate [%]	--	--

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTION
	CURRENT LIABILITIES
1	Short term Bank borrowings
	(i) Proposed from UBI - CC	30.000	30.000
	EPC	200.000	200.000
	FBP / FDBP / FDBD	70.000	70.000
	(ii) From Cosmos Bank	--	--
	Cash Credit	--	--
	EPC	--	--
	SUB-TOTAL (A)	300.000	300.000
2	Sundry Creditors for Goods	5.000	7.500
3	Sundry Creditors for Expenses	2.500	2.500
4	Unsecured loans and deposits other than quasi-equity	--	--
5	Advance received from Customers	--	--
6	Provision for Taxation if any	--	--
7	Term Liability due within 1 year	0.165	--
8	Other current liabilities & Provisions (due within one year)	5.700	5.500
	SUB-TOTAL (B)	13.365	15.500
	TOTAL CURRENT LIABILITIES [A + B]	313.365	315.500
	TERM LIABILITIES
9	Unsecured Loans and Deposits which are in the nature of quasi-equity	22.500	22.500
10	Term Loans	0.493	--
11	Other term liabilities, if any	--	--
	SUB-TOTAL (C)	22.993	22.500
	TOTAL OUTSIDE LIABILITIES	336.358	338.000
	NET WORTH
12	Paid up Share Capital	72.545	87.813
13	Share Application Money	--	--
14	Reserves and Surplus	--	--
	SUB-TOTAL	72.545	87.813
	TOTAL LIABILITIES	408.903	425.813
	ASSETS
	CURRENT ASSETS
1	Cash & Bank balances	5.400	6.500
2	Advance payments for Raw materials	49.140	47.364
3	Sundry Debtors	114.800	136.866
4	Inventories	184.400	191.200
5	Advance payment of Taxes	5.000	7.500
6	Loans and Deposits	0.200	0.500
7	Other Current Assets	49.035	35.000
	TOTAL CURRENT ASSETS	407.975	424.930
	FIXED ASSETS
8	Gross Block	0.988	0.928
9	Less: Depreciation to date	0.060	0.045
10	NET BLOCK	0.928	0.883
11	Capital work in progress / Deferred Tax Asset	--	--
12	Other non-current assets [such as dues from associates, investments / dues which are not of nature of current assets]	--	--
13	Intangible Assets, Misc. expenditures [such as goodwill, doubtful debts etc.]	--	--
	TOTAL ASSETS	408.903	425.813
	Tangible Net Worth	72.545	87.813
	Net Working Capital	94.610	109.430
	Current Ratio	1.30	1.35
	Total Outside Liabilities / Tangible Networth	3.54	3.06
	Total Term Liabilities / Tangible Networth	--	--

------------------------------------------------------------------------------------------------------------------------------

FUND FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTION
1	SOURCES
	a. Net Profit after Tax	12.368	15.268
	b. Depreciation	0.060	0.045
	c. Increase in Capital [including Share premium]	49.857	49.857
	d. Increase in Quasi Capital [Transfer from Loan]	22.500	--
	e. Increase in Term Liability	--	--
	f. Decease in:
	ü Fixed Assets	--	--
	ü Other Non-Current assets	--	--
	g. Others	--	--
	TOTAL	84.785	65.170
2	USES
	a. Net Loss	--	--
	b. Decrease in Term Liabilities [Including Public Deposits]	--	--
	c. Increase in:
	ü Fixed Assets	--	--
	ü Other Non-Current assets	--	--
	d. Decrease in Term Liabilities	--	--
	e. Others	--	--
	TOTAL	--	--
3	Long term Surplus [+], Deficit [-] [1-2]	84.785	65.170
4	Increase/ Decrease in Current Assets
	ü Increase/ Decrease in Raw Materials	--	--
	ü Increase/ Decrease in Stock in process	--	--
	ü Increase/ Decrease in Finished Goods	(10.912)	6.800
	ü Increase/ Decrease in Receivables	67.844	22.066
	Domestic	--	--
	Export	--	--
	ü Increase/ Decrease in Stores and Spares	--	--
	ü Increase/ Decrease in Other Current Assets	12.657	(10.135)
5	Increase/ Decrease in Current Liabilities other than Bank Borrowings	(51.164)	2.135
6	Increase/ Decrease in Working Capital Gap	133.130	14.820
7	Net Surplus [+]/ Deficit [-] [Difference of 3 and 6]	(48.345)	50.350
8	Increase/ Decrease in Bank Borrowings	96.306	--
9	Increase/ Decrease in Net Sales	902.006	550.000

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTION
1	CURRENT ASSETS
	1. Inventories	184.400	191.200
	[Months Cost of Sales]	1.43	1.12
	2. Sundry Debtors	114.800	136.866
	[Months Sales]	0.86	0.76
	3. Advances to suppliers	49.140	47.364
	4. Other current assets including cash and bank balances	59.635	49.500
	TOTAL CURRENT ASSETS [I]	407.975	424.930
2	CURRENT LIABILITIES
	[Other than Bank Borrowings]
	1. Sundry Creditors for Goods	5.000	7.500
	[Months Purchases]	0.04	0.05
	2. Sundry Creditors for Expenses	2.500	2.500
	3. Unsecured Loans and deposits other than quasi-equity	--	--
	4. Other Current Liabilities	5.865	5.500
	ü Advances received from customers	--	--
	ü Provision for taxation	--	--
	ü Others	--	--
	TOTAL CURRENT LIABILITIES [II]	13.365	15.500
3	Working Capital Gap [I - II]	394.610	409.430
4	Actual / Projected bank borrowings for working capital including bills purchases and discounted and excess borrowing places on repayment basis [sub-total [A] in form III - A]	300.000	300.000
5	Total Current Liabilities	313.365	315.500
6	Net Working Capital [1-5]	94.610	109.430

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

2ND METHOD OF LENDING

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTION
1	Working Capital Gap [Item III of Part B]	394.610	409.430
2	Minimum stipulated Net Working Capital [25% of total current assets i.e. item 1 of Form IV]	101.994	106.233
3	Actual / Projected Net Working Capital	94.610	109.430
4	Item 8 - 9	292.616	303.198
5	Item 8 - 10	300.000	300.000
6	Maximum Permissible Bank Finance [Lower of item 11/12]	300.000	300.000
7	Excess borrowings [representing short fall in net working capital] [Item 9 - 10]	--	--

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STATEMENT OF ASSETS AND LIABILITIES

MR. SANJIV S. CHANDAN

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	AMOUNT IN MILLIONS
	ASSETS
1	Capital in A S Foods	53.113
2	Loans	3.500
3	Advances	2.325
4	Jewellery	5.450
5	Shares	0.675
6	Insurance	4.000
	TOTAL ASSETS	69.063

LIABILITIES

0.000

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STATEMENT OF ASSETS AND LIABILITIES

MR. GEHLOT MOHAMMAD SHAFI

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2013
	ASSETS
1	Capital in Master Associates as on 31.10.2012	2.544
2	Capital in A S Foods as on 31.03.2013	1.395
3	Shares and Debentures	0.210
4	Jewellery	0.500
5	LIC Insurance	0.275
	TOTAL ASSETS	4.924

LIABILITIES

0.000

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BACKGROUND OF THE FIRM

Subsequently in the year 2008, A S Foods was formed as a proprietary firm and has been in existence for the last 7 years and have been exporting to countries like Malaysia, Yemen, Dubai, Indonesia, Japan, Taiwan, Sri Lanka, Singapore, Thailand, Indonesia, China, Kuwait, Oman. They have been exporting products like Soya Meal, Rice, Wheat, Sugar, Yellow Corn, Barley, Sorghum, Millet.

In the year 2010, the proprietary firm was converted into a partnership firm and Mr. Mohammed Shafi Gehlot was bought in as the second partner.

Both the partners of the company that is Mr. Sanjiv S. Chandan and Mohammed Shafi Gehlot have been associated with the Agro export industry for the last 15 Years.

Mr. Sanjiv Chandan is well known in the agro export industry and has full knowledge about the products, quality parameters, procurement patterns and international market and logistics Mr. Gehlot devotes his entire time for procurement of the products exported. He has been in the Agro business for more than 30 years and started his career as a supplier/ broker of Agro Products which continued till he joined as a partner in A S Foods.

They both are assisted by a highly motivated, committed and experienced staff of 21 personal.

Their total export sales for the financial year ending 31.03.2014 is Rs. 3600.000 Millions.

In terms of volume they handle more than 300000.00 MT.

Yellow corn, rice and soya meal contribute to 80% of their exports.

They have their procurement centers all over India in states like Maharashtra, Gujarat, Karnataka, Madhya Pradesh, Andhra Pradesh, Tamilnadu, West Bengal, Bihar and Uttar Pradesh.

They export their products from JNPT port in Mumbai, Chennai, Kolkata, Mundra, Kakinadar, Vizag, Nagpur and Kanpur ICD and know from Kandla.

Their company biggest asset is that in the last 8 years they have never ever had any complaints from their buyers with regards to quality or timely dispatch, this is because of their complete commitment to quality and customer satisfaction that they have been dealing with the same buyers over the last 5 years and therefore they have only one or maximum two buyers in each country that they export to. It is these buyers who have over a period of time being increasing their buying from them which has contributed to their increase in sales.

Most of their buyers are fortune 500 companies to whom they export, they deal with only a buyer or two in each country with whom they have a long term ongoing relationship. For this year, they are concentration on two areas one is to increase their sales by 50% and further to open up new markets.

In the end their basis focuses which has always been to see to it that their customer gets the quality they have committed, timely delivery and above at the most competitive rates.

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VALUATION REPORT

(GENERAL DETAILS)

Ref. No.

YPCVL / 24 / Cosmos / 2012-13

Purpose for which valuation made

To ascertain present FMV for Cosmos Cooperative Bank Limited, Vile Parle Branch

Fresh Valuation / Revaluation

Revaluation for YPCVL

Visit Date on which valuation made

02.01.2013

Name of the Owner/ Seller/ Purchaser

M/s. Master Associates

[Partners: Mr. Gehlot M. Shafi and Mr. Gehlot M. Azam]

If the property is under Joint Ownership/ Co Ownership Share of each such owners. Are the shares undivided?

Partnership Firm

Brief description of the property

Industrial units bearing Nos. 301, 302, 303, 304, 305, 306 and 307, 3^rd Floor, Vijay Industrial Estate, Vijay Industrial Gala Owners Premises Cooperative Society Limited, Linking Road, Chincholi, Malad (West), Mumbai – 400064.

They referred to the Xerox copy of following documents provided to them

1) Previous Valuation Report dated 25.06.2010

2) Electricity bill for the month of January 2012 in the name of M/s. Master Associates against Unit No. 301.

3) Their engineer visited the property externally on 02.01.2013 and have taken few photographs as allowed to them at the time of visit and they are enclosed herewith for the perusal, verification and.

Brief Description

The Industrial Unit Nos. 301, 302, 303, 304, 305, 306 and 307 on 3^rd floor is situated at above address is about 2 kms from Malad Station. All the civic amenities are nearby and within easy reach.

Unit No. 301, 302 and 303 are inter connected and Unit 305 and 306 are merged with single entrance. Unit No. 307 is separate and independent Unit and Interior work was in progress in Unit No. 301, 302 and 303 was in progress at time of visit.

The industrial building is of Ground + 3 Upper Floors. It is R.C.C. framed structure and 1 lift access to upper floors.

Nearest Landmark

Near Evershine Mall

Property is bounded by

East	Link Road
West	Khoknewele Compound and Internal Road
South	Evershine Mall
North	Chawda Industrial Estate

Amenities

Vitrified tiles flooring, M.S. Rolling shutter door and aluminum sliding and M.S. framed openable windows, Concealed wiring and plumbing, 7 European W.C. in each unit.

Accommodation

Accommodation provided in Unit No. 301, 302, 303, 304, 305, 306 and 307 consists of Single Industrial Unit with attached toilets for each.

Area

As per measurement Terrace area is 8285 Sq. ft. and measurement of unit area was not possible.

Carpet area as per approved plan is as follows:

Unit Nos.	Carpet area [Sq. ft.]
301	200
302	366
303	320
304	320
305 and 306	959
307	546
Total	2711

As per Approved plan Carpet area is 2711 Sq. ft. after 40% loading the Super Built up area comes to 3795 Sq. ft. with terrace admeasuring 7200 Sq. ft. as per agreement which is considered for valuation.

Notes and Limitations

1) Property identified with Mr. Chandan and Muzzer Gehlot, the Partners of the company. Shop No. is not mentioned on main entrance door. Society common name board not exhibited.

2) They consider the area given in the agreement, declared by the party and submitted for registration with the Government Authorities as final for valuation purpose. Any area that is not stated in the agreement is not considered for valuation.

3) Copy of the approved plans not given for their verification and the same may be obtained from the owner.

Disclaimers and Caveats

1) The estimated future life of the building/ structure considered on the basis of data available from the site enquiries. Maximum age of structure considered 50 years.

2) The Bank is advised to consider the CIBIL Report of the customer before disbursement / enhancement of the loan to safeguard the interest of the bank from probable loss due to the deviations of the bank for ant reasons.

3) As regards to the Authenticity / Genuineness / Verification of documents the onus lies with the lendors. Their report is valid subject to the said property legally cleared by the lendors panel advocates.

4) Their valuation is based on their experience and knowledge and this is an opinion only and does not stand as a guarantee for the value it can fetch if disposal, due to any emergency, if any.

5) The legal documents pertaining to the ownership of the above said property has been referred to on its face value and that is presumed that Bank has got the same verified through its legal counsel. They do not certify the veracity of the documents. This report does not certify valid or legal or marketable title of any of the parties over the property. Their report does not certify valid or legal or marketable title of any of the parties over the property. Their report does not cover verification of ownership, title clearance, or legality and subject to adequacy of engineering / structural design.

6) Their valuation is only for the use of the party to whom it is addressed and no responsibility is accepted to any third party for the whole or any part of its contents. The said report will not hold good / should not be used for any court / legal matters.

7) It is advisable for the lendor or the party to go through the contents of the report and any discrepancy if any should be brought to the notice of Suvishwa within 30 days and Suvishwa is not responsible for any change in contents after expiry of 30 days from the date of report.

8) Encumbrances of Loan, Government and other dues, stamp duty, registration charges, transfer charges etc. if any are not considered in the valuation. They have assumed that the assets are free encumbrances.

9) The value given in their report is only an opinion on the FMV as on date. If there is any opinion from others / valuers about increase or decrease in the value of the assets valued by them, they should not be held responsible as the views vary from person to person and based on circumstances. The principle of “BUYERS BEWARE” is applicable in case of any sale / purchase of assets.

10) This report should be read along with legal diligence report. Vale assigned herein is subject to this stipulation. It is presumed that the Xerox of documents are taken from the originals duly tested and verified at ultra violet lamp machine [UVL] about veracity.

11) It should be noted that Suvishwa’s value assessments are based upon the facts and evidence available at the time of assessment. It is therefore recommended that the value assessments be periodically reviewed.

12) The report is issued at the specific request of the party for specific purpose and the said report is not valid if the purpose of use and party is different.

Location, Street, Ward No.

Industrial Units bearing Nos. 301, 302, 303, 304, 305, 306 and 307, 3^rd floor, Vijay Industrial Estate, Vijay Industrial Gala Owners Premises Cooperative Society Limited, Linking Road, Chincholi, Malad [West], Mumbai – 400064.

Survey/Plot No. of Land

Survey No. 443, Hissa No. 1, CTS No. 1113 and 1116 of village Malad [South]

Is the property situated in the Residential/ Commercial/ Mixed Area/ Industrial Area

Industrial Area

Classification of Locality – High class/ Middle Class/ Poor class?

Middle Class

Proximity to civic amenities like School, Hospitals, cinema etc.

All civic amenities are nearby and within easy reach.

Means and proximity to surface communication by which the locality is served

Road, Bus, Auto, Taxi, Private Vehicles etc.

Furnish technical details of the building on separate sheet [the annexure to this form may be used]

As per Technical Details

Is the property owner occupied, tenant or both

Owner Occupied

If partly occupied, specify portion and extent of area under owner occupied

--

Name and Registration No. of Cooperative Housing Society

Vijay Industrial Gala Owners Premises Cooperative Society Limited

Registration No. MUM / W-P / GNL / O / 1212 / 05-06

Share Certificate No. and face values

Details not available.

SALES AND MARKETABILITY

Give instances of sale of immovable property in the locality on a separate sheet, including the name and address of the property, registration No., sale price and area land sold

Sales instances are not readily available. As such, local estate agent, builders and other related agencies were contacted to ascertain fair market value.

Market Rates adopted

Prevalent market rate

Rs. 14000/- to Rs. 17000/- per Sq. ft.

Rate considered for valuation

Rs. 17000/- per Sq. ft.

If sale instances are not available or relied upon, basis of arriving at the land rate

Enquired with local Architects and Real estate consultants about the current market rates in that area and on this basis, property is valued under “Selling Price Method”.

PRESENT FAIR MARKET VALUATION

Value of the property at which is can be sold in the open market at a particular time free from forced value or sentimental value. The market value need not be the same as the present value. Market value may be less than the present value. Market value of the any property gets affected at least by the ten factors: Economy, Physical, Legal, Social, Utility, marketability, Transferability, Scarcity, Location and the most important factor “Demand”.

Value = Area x Rate

A) AREA

Super Built up area	3795 Sq. ft.
Rate adopted for valuation	Rs. 17000/- per Sq. ft.
Value	Rs. 64.515 Millions

B) TERRACE

Super Built up area	7200 Sq. ft.
Rate adopted for valuation	Rs. 6400/- per Sq. ft.
Value	Rs. 46.080 Millions

TOTAL [A + B]

RS. 110.595 MILLIONS

REALIZABLE SALE VALUE

To arrive at Realizable Value, they have considered the economic usefulness to the prospective purchaser, functional and economic obsolescence, technical potentially, financial bankruptcy, management lapses, technical in competency in running the unit. The factors will enable them to arrive at very realistic and reasonable figures of reliability in the present market.

RS. 99.535 MILLIONS

DISTRESS SALE VALUE

When a property is sold at lesser price than the market value at that time. Such a value may be due to financial difficulties of the seller, court decree, defect in title, property given on long lease etc. When a borrower becomes a defaulter to the bank and when he wants to sincerely repay the loan with interest, he is forced to sell his property [which he had offered as security to the bank] and from the sale proceeds, he intends to repay to the bank.

RS. 88.476 MILLIONS

VALUE FOR INSURANCE PURPOSE [STRUCTURE]

RS. 7.590 MILLIONS

TECHNICAL DETAILS

No of floors and height of each floor

Ground + 3 upper floors

Height: 12’-0” floor to floor

Location and Plinth Area

Industrial Unit Nos. 301, 302, 303, 304, 305, 306 and 307

Carpet area – 2711 Sq. ft. – As per plan

Built up area – 3795 Sq. ft. – [After 40% loading on approved plan carpet]

Terrace area – 7200 Sq. ft. - Agreement

Year of Construction

2004 – Ground + 2 upper floors and [3^rd floor constructed in 2007]

Age of Building – 8 Years

Estimated future life

52 Years [Subject to proper and regular maintenance of the building]

Type of construction

RCC framed structure

Type of foundations

RCC footing

Walls

ü Ground Floor

9” thick brick walls both side face plastered

ü Partitions

4½ “ thick brick walls both side face plastered

Door and Windows (Floor-Wise)

M.S. Rolling shutter doors and M.S. framed openable windows

Flooring (Floor-wise)

Vitrified tiles flooring

Finishing and Maintenance

Good

Roofing and Terracing

R.C.C. slab roof

Special architectural or decorative features

--

Internal Wiring – Surface or Conduit

Concealed wiring

Class of fittings superior / ordinary / poor

Ordinary

Sanitary Installations

7 European WC

Class of fittings superior coloured / superior white / ordinary

Ordinary colored

Compound Wall

Exist along the boundary of building

No of lift and capacity

1 lift

Underground Pump

Existing

Capacity

Sufficient as per requirement

Type of construction

RCC

Overhead Tank

Existing

Where located

On terrace

Capacity

Sufficient as per requirement

Type of construction

RCC

Pump Nos. and their horse power

2 Nos. pumps with 5 HP

Roads and pavings within the compound, approx. area

Plain Cement Concrete

Sewage disposal/ whether connected to public sewer. If septic tanks provide (No and Capacity)

As per local norms

Regards to Aesthetics and environment

Normal

Safety considerations fires, earthquakes and tides

Fire-fighting equipment installed.

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FIXED ASSETS

v Computer

v Furniture and Fixture

v Mobile Phones

v Epbax

v Fax Machine

v Vehicle

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 records 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. 61.39
UK Pound	1	Rs. 98.00
Euro	1	Rs. 76.99

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.