MIRA INFORM REPORT

Report Date :

17.09.2014

IDENTIFICATION DETAILS

Name :	PAMPAR OVENFRESH FOODS PRIVATE LIMITED
Registered Office :	72 Nalini Sett Road, 2nd Floor, Kolkata – 700007, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.05.1994
Com. Reg. No.:	21-063183
Capital Investment / Paid-up Capital :	Rs.8.874 Millions
CIN No.: [Company Identification No.]	U51109WB1994PTC063183
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Snacks.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 62000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has recorded some accumulated losses. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 wilfully 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating B
Rating Explanation	High risk of default.
Date	November 30, 2013

Rating Agency Name	CRISIL
Rating	Short term rating A4
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	November 30, 2013

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 DENIED BY

Name :	Mr. Sanjay Mandal
Designation :	Project Manager
Contact No.:	91-33-24647638
Date :	15.09.2014

LOCATIONS

Registered Office :	72 Nalini Sett Road, 2^nd Floor, Kolkata – 700007, West Bengal, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	prepak.con@gmail.com
Website :	http://www.timbaktoo.in
City Office :	34B Rashbehari Avenue  Kolkata - 700 026, West Bengal, India
Tel. No. :	91-33-24647638
Factory :	Factory Vill – Sandhipur,  P.S. Sankrail, Plot F 12 Kandua Food Park,  Phase II, NH 6, Howrah – 711302, West Bengal, India

DIRECTORS

As on 30.09.2013

Name :

Shshank Agarwala

Designation :

Director

Address :

59/51, Shyama Charan Smriti, Tithya Road, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

10.03.1973

Date of Appointment :

03.05.2006

DIN No. :

00118797

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	U74140WB1989PTC046216	PREPAK CONSULTANTS PVT LTD.	Director	01/04/92	01/04/92	-	Active	NO
2	U51909WB1989PTC047970	PARITOSHIK (VITRAK) PVT LTD	Director	18/04/95	18/04/95	-	Active	NO
3	U01111WB1987PTC043436	PENNCO CEMENT INDUSTRIES PVT LTD	Director	26/09/95	26/09/95	-	Active	NO
4	U51909WB1987PTC043159	P. V. T( MARKETING) PVT. LTD.	Director	21/04/97	21/04/97	-	Active	NO
5	U52205WB1989PTC046095	PREPAK (MARKETING) PVT LTD	Director	01/04/02	01/04/02	-	Active	NO
6	U51109WB1994PTC063183	PAMPAR OVENFRESH FOODS PRIVATE LIMITED	Director	03/05/06	03/05/06	-	Active	NO

Name :

Mr. Pankaj Kumar Agarwala

Designation :

Director

Address :

49, Shyama Charan Smriti, Tithya Road, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

27.04.1963

Date of Appointment :

27.01.1999

DIN No. :

00118839

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	U51909WB1987PTC043159	P. V. T( MARKETING) PVT. LTD.	Director	15/10/87	15/10/87	-	Active	NO
2	U74140WB1989PTC046216	PREPAK CONSULTANTS PVT LTD.	Director	13/02/89	13/02/89	-	Active	NO
3	U01111WB1987PTC043436	PENNCO CEMENT INDUSTRIES PVT LTD	Director	26/09/95	26/09/95	-	Active	NO
4	U51109WB1994PTC063183	PAMPAR OVENFRESH FOODS PRIVATE LIMITED	Director	27/01/99	27/01/99	-	Active	NO
5	U52205WB1989PTC046095	PREPAK (MARKETING) PVT LTD	Director	01/04/02	01/04/02	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Mandal
Designation :	Project Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Ved Prakash Agarwala and Sons (HUF)	49500
Pankaj Kumar Agarwala (HUF)	33400
Sandeep Kumar Agarwala (HUF)	25700
Singhal Sarita	15000
Agarwala Pramila	20000
Paritoshik (Vitarak) Private Limited, India	88600
Pavetone (Agencies) Private Limited, India	118500
Agarwala Shshank	38500
Shshank Agarwala and Sons (HUF)	41300
Agarwaloa Prakash Ved	38200
P. V. T. (Marketing) Private Limited, India	88600
Prepak (Marketing) Private Limited, India	88600
Prepak Consultants Private Limited, India	38000
Agarwala Sandeep	5500
Agarwala Pushpa	8500
Agarwala Krishna Devi	9500
Amit Agarwala	130000
Pankaj Agarwala	50000
Total	887400

As on 31.12.2013

Names of Allottee	No. of Shares
Smitabh Intercon Limited	849400
Total	849400

As on 31.12.2013

Names of Allottee	No. of Shares
Smitabh Intercon Limited	38000
Sushil Kumar Bahety	18110
Rajiv Bahety	18110
Total	74220

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	47.59
Directors or relatives of Directors	46.83
Other top fifty shareholders	5.58
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Snacks.
Brand Names :	TIMBAKTOO ONES TIMBAKTOO HULAHOOPS TIMBAKTOO GUPPAGUPP TIMBAKTOO GUPLUPS

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	The federal Bank Limited, Burrabazar Branch, 33A, Tarachand Dutta Street, Kolkata – 700073, West Bengal, India

Banking Relations :	--
Auditors :
Name :	R. K. Lodha and Associates Chartered Accountants
Address :	127, Netaji Subhas Road, 2^nd Floor, Room No.1, Kolkata – 700001, West Bengal, India
Tel. No. :	91-33-22701668 / 22691326
Fax No. :	91-33-22185787
E-Mail :	rklassociates@gmail.com
PAN No. :	AAJFR9146F
Enterprises controlled by key management personal and relatives of key management personal :	v P.V.T. (Marketing) Private Limited v Pavetone Agencies Private Limited v Paritoshik Vitrak Private Limited v Prepak Consultants Private Limited v Prepak (Marketing) Private Limited

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1811020	Equity Shares	Rs.10/- each	Rs.18.110 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
887400	Equity Shares	Rs.10/- each	Rs.8.874 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.874	8.874	4.077
(b) Reserves & Surplus	(2.126)	(7.742)	(17.311)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	8.700	1.500	8.300
Total Shareholders’ Funds (1) + (2)	15.448	2.632	(4.934)
(3) Non-Current Liabilities
(a) long-term borrowings	98.138	58.490	41.587
(b) Deferred tax liabilities (Net)	0.000	9.373	7.853
(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)	98.138	67.863	49.440
(4) Current Liabilities
(a) Short term borrowings	24.520	43.165	62.301
(b) Trade payables	24.237	27.173	11.256
(c) Other current liabilities	4.796	13.665	41.591
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	53.553	84.003	115.148
TOTAL	167.139	154.498	159.654
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	88.729	92.443	95.874
(ii) Intangible Assets	0.223	0.173	0.147
(iii) Capital work-in-progress	0.000	0.000	0.744
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.384	0.384	0.384
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.025	0.025	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	89.361	93.025	97.149
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	14.012	7.216	7.789
(c) Trade receivables	56.914	35.053	37.296
(d) Cash and cash equivalents	4.154	14.867	12.576
(e) Short-term loans and advances	2.698	4.337	4.282
(f) Other current assets	0.000	0.000	0.562
Total Current Assets	77.778	61.473	62.505
TOTAL	167.139	154.498	159.654

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	135.147	80.381	69.432
		Other Income	1.355	0.925	44.044
		TOTAL	136.502	81.306	113.476
Less	EXPENSES
		TOTAL	140.218	113.410	113.368
	PROFIT/ (LOSS) BEFORE TAX		(3.716)	(32.104)	0.108
Less	TAX		(9.332)	1.499	4.483
	PROFIT/ (LOSS) AFTER TAX		5.616	(33.603)	(4.375)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(66.223)	(32.620)	(28.245)
	BALANCE CARRIED TO THE B/S		(60.607)	(66.223)	(32.620)
	Earnings / (Loss) Per Share (Rs.)		(68.30)	(74.62)	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.11	(41.33)	(3.86)
Net Profit Margin (PBT/Sales)	(%)	(2.75)	(39.94)	0.16
Return on Total Assets (PBT/Total Assets}	(%)	(2.23)	(20.83)	0.07
Return on Investment (ROI) (PBT/Networth)		(0.24)	(12.20)	(0.02)
Debt Equity Ratio (Total Debt/Networth)		7.94	38.62	(21.06)
Current Ratio (Current Asset/Current Liability)		1.45	0.73	0.54

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	4.077	8.874	8.874
Reserves & Surplus	(17.311)	(7.742)	(2.126)
Share Application money pending allotment	8.300	1.500	8.700
Net worth	(4.934)	2.632	15.448
long-term borrowings	41.587	58.490	98.138
Short term borrowings	62.301	43.165	24.520
Total borrowings	103.888	101.655	122.658
Debt/Equity ratio	(21.056)	38.623	7.940

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	69.432	80.381	135.147
		15.769	68.133

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	69.432	80.381	135.147
Profit	(4.375)	(33.603)	5.616
	(6.30%)	(41.80%)	4.16%

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	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	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10097639	30/06/2012 *	97,200,000.00	THE FEDERAL BANK LIMITED	BURRABAZAR BRANCH, 33A TARACHAND DUTTA STREET, KOLKATA, West Bengal - 700073, INDIA	B44238061

* Date of charge modification

FIXED ASSETS

œ Plant and Machinery

œ Computer

œ Electrical Equipment

œ Electric Installation

œ Factory Building

œ Furniture and Fixture

œ Land

œ Motor Car

œ Pallet and Carate

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.61.10
UK Pound	1	Rs.99.04
Euro	1	Rs.79.03

INFORMATION DETAILS

Information Gathered by :	DIV
Analysis Done by :	HTL
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		27

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.