MIRA INFORM REPORT

Report No. :	317007
Report Date :	11.04.2015

IDENTIFICATION DETAILS

Name :	TULJA BHAVANI COLD STORAGE PRIVATE LIMITED
Registered Office :	Krishana Plot No – 56 Avadhoot Nagar, Baramati, Tal Baramati, Pune - 413102, Maharashtra
Tel No :	91-2112223996
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.06.2003
Com. Reg. No.:	11-018082
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U63022PN2003PTC018082
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is primarily engaged in the business of providing cold storage facility for various commodities.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 57000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial record with government department for the year 2014. The rating is constrained on account of company’s small scales of business operation and leverage capital structure of the company. However, trade relations are fair. Business is active. Payments are reported to be 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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. Dhananjay Krishnanath Gaikwad
Designation :	Director
Contact No.:	91-9823055996
Date :	10.04.2015

LOCATIONS

Registered Office :	Krishana Plot No – 56 Avadhoot Nagar, Baramati, Tal Baramati, Pune - 413102, Maharashtra
Tel. No.:	91-2112223996
Mobile No.:	91-9823055996 (Mr. Dhananjay Krishnanath Gaikwad)
Fax No.:	Not Available
E-Mail :	Tcs_bmt@yahoo.com dhananjay@tuljabhawanicoldstorage.com dhairyasheel@tuljabhawanicoldstorage.com amit@tuljabhawanicoldstorage.com
Website :	www.tuljabhawanicoldstorage.com
Location :	Owned
Locality :	Residential
Factory 1 :	D – 19, M.I.D.C, Baramati, Pune – 413133, Maharashtra, India
Tel. No.:	91-2112244223/244251

DIRECTORS

As on : 30.09.2013

Name :	Mr. Dhananjay Krishnanath Gaikwad
Designation :	Director
Address :	Krishna Niwas, Plot No 56, Avadhoot Nagar, Baramati, Pune – 413102, Maharashtra, India
Date of Birth/Age :	10.02.1971
Date of Appointment :	15.08.2006
DIN No.:	00528337
Name :	Mrs. Anita Krishnanath Gaikwad
Designation :	Director
Address :	Krishna Niwas, Plot No 56, Avadhoot Nagar, Baramati, Pune – 413102, Maharashtra, India
Date of Birth/Age :	07.06.1968
Date of Appointment :	30.06.2003
DIN No.:	00528530
Name :	Mrs. Varsharani Dhananjay Gaikwad
Designation :	Director
Address :	Krishna Niwas, Plot No 56, Avadhoot Nagar, Baramati, Pune – 413102, Maharashtra, India
Date of Birth/Age :	19.10.1980
Date of Appointment :	23.06.2012
DIN No.:	05312205

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2013

Names of Shareholders	No. of Shares	%age
Dhananjay Krishnanath Gaikwad	23000	46.00
Anita Krishnanath Gaikwad	14000	28.00
Varsharani Dhananjay Gaikwad	13000	26.00
Total	50000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is primarily engaged in the business of providing cold storage facility for various commodities.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users

Reference :	Pepsico India Holdings Private Limited (Gurgaon)
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

20 (Approximately)

Bankers :

Banker Name	ICICI Bank Limited
Branch Address	ICICI Bank Tower, 8^th Floor, Bandra kurla complex, Mumbai – 400051, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Corporation Bank

Bhigwan Road, Baramati, Pune, Maharashtra, India

• ICICI Bank Limited

ICICI Bank Tower, 8^th Floor, Bandra Kurla Complex, Mumbai – 400051, Maharastra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term Loans from Banks (Secured):
Corporation Bank TL 90001	0.000	20.331
Less: Classified as Short Term Borrowings	0.000	(3.744)
Corporation Bank TL 120001	0.000	7.008
Less: Classified as Short Term Borrowings	(0.000)	(0.697)
IClCI Bank TL (ACE Titlt 111)	50.000	0.000
Less: Classified as Short Term Borrowings	(2.800)	(0.000)
SHORT TERM BORROWING
Corporation Bank Tl 90001	0.000	3.745
Corporation Bank Tl 120001	0.000	0.698
ICICI Bank (ACE Titit III)	2.800	0.000
Total	50.000	27.341

NOTE:

Term loan aggregating to Rs. 50.000 Million from ICICI Bank is secured by: Creating charge on fixed assets of the company i.e. land at D-19, MIDC, Baramati and cold storage constructed on the same, backed by collateral security of personal assets of directors and personal guarantees of Directors.

Auditors :
Name :	S R Sancheti and Associates Chartered Accountants
Address :	Office No. 99/A, Patil Plaza, Mitramandal Chowk, Parvati, Pune – 411009, Maharashtra, India
Tel No :	91-20-66054311
Mobile No :	91-9850877708
E- mail :	sancheti@gmail.com
PAN No.:	BHTPSI734Q
Name :	Vakanaria and Associates Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on : 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	0.500	0.500	0.500
(b) Reserves & Surplus	19.545	19.489	14.677
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	2.187
Total Shareholders’ Funds (1) + (2)	20.045	19.989	17.364
(3) Non-Current Liabilities
(a) long-term borrowings	55.378	26.616	28.177
(b) Deferred tax liabilities (Net)	1.645	1.482	1.275
(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)	57.023	28.098	29.452
(4) Current Liabilities
(a) Short term borrowings	2.800	4.442	3.744
(b) Trade payables	0.166	3.703	3.699
(c) Other current liabilities	1.586	11.763	0.000
(d) Short-term provisions	3.203	2.899	1.405
Total Current Liabilities (4)	7.755	22.807	8.848
TOTAL	84.823	70.894	55.664
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	28.440	30.404	32.472
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	49.409	36.544	20.941
(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	0.460	0.257	0.258
Total Non-Current Assets	78.309	67.205	53.671
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	1.941	1.522	0.878
(d) Cash and cash equivalents	2.968	1.304	0.198
(e) Short-term loans and advances	0.300	0.300	0.000
(f) Other current assets	1.305	0.563	0.917
Total Current Assets	6.514	3.689	1.993
TOTAL	84.823	70.894	55.664

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover	21.688	24.125	21.212
		Other Income	0.320	0.515	0.387
		TOTAL	22.008	24.640	21.599
Less	EXPENSES
		TOTAL	20.494	16.919	15.326
	PROFIT/(LOSS) BEFORE TAX		1.514	7.721	6.273
Less	TAX		1.137	2.557	2.024
	PROFIT/(LOSS) AFTER TAX		0.377	5.164	4.249
	Earnings Per Share (Rs.)		7.54	103.28	84.98

Particulars	31.03.2014
Sales Turnover (Approximately)	24.000

Expected Sales (2014-15) : Rs. 30.000 Million

The above information has been parted by Mr. Dhananjay Gaikwad. (Director)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	1.74	21.41	20.03
Operating Profit Margin (PBDIT / Sales)	(%)	6.98	32.00	29.57
Return on Total Assets (PBT/Total Assets}	(%)	4.28	22.48	18.07
Return on Investment (ROI) (PBT/Networth)		0.08	0.39	0.36
Debt Equity Ratio (Total Debt /Networth)		2.90	1.55	1.84
Current Ratio (Current Asset/Current Liability)		0.84	0.16	0.23

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	0.500	0.500
Reserves & Surplus	14.677	19.489	19.545
Share Application Money Pending Allotment	2.187	0.000	0.000
Net worth	17.364	19.989	20.045
long-term borrowings	28.177	26.616	55.378
Short term borrowings	3.744	4.442	2.800
Total borrowings	31.921	31.058	58.178
Debt/Equity ratio	1.838	1.554	2.902

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	21.212	24.125	21.688
		13.733	(10.102)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	21.212	24.125	21.688
Profit	4.249	5.164	0.377
	20.03%	21.41%	1.74%

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 four 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	No
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONAL REVIEW

During the year turnover of the Company decreased by 10.15% as compared to the previous year and the net profit stood at 1.73% as against 21.41% in the previous year. The Turnover went down due to reduction in rate per ton by the company to face competition.

During the current year, the Company has installed a transformer for the purpose of controlling voltage and current of the electricity and owing to this installation, the company has started getting rebate in the electricity bills.

Further the expansion project is partially completed and installation work would be over by December 201 3. The commercial use of the ground floor has commenced from August 2013. The project is expected to be complete by December 2013.

Considering the order book position, the Directors are expecting improvement in performance both in terms of turnover and profitability in the current year.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Anita Gaikwad	0.507	0.036
Dhananjay Gaikwad	4.400	2.870
Varsha Gaikwad	2.656	0.470
Tuljabhawani Cold Storage	0.428	0.153
lagdale Nanda	0.169	0.168
Vijay lagdale	0.018	0.018
Dhairyasheel Gaikwad	0.000	0.002
Total	8.178	3.717

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10383867	05/10/2012 *	50,000,000.00	ICICI Bank limited	ICICI Bank Tower,, 8th Floor, Bandra Kurla Complex,, Mumbai, Maharashtra - 400051, INDIA	B61088795

* Date of charge modification

FIXED ASSETS

• Plot
• Factory
• Building
• Plant and Machinery
• Electricity Installation
• Furniture and Fittings
• Air Conditioner
• Computer
• Mobile
• Air Cooling Unit

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.25
UK Pound	1	Rs.92.49
Euro	1	Rs.66.99

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	RNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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		28

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.