MIRA INFORM REPORT

Report No. :	327332
Report Date :	13.06.2015

IDENTIFICATION DETAILS

Name :	JABS INTERNATIONAL PRIVATE LIMITED
Registered Office :	Plot No. A-350, TTC Industrial Area, MIDC, Mahape, Navi Mumbai – 400 708, Maharashtra
Tel. No.:	91-22-27784500
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.09.1997
Com. Reg. No.:	11-110640
Capital Investment / Paid-up Capital :	Rs. 20.000 Million
CIN No.: [Company Identification No.]	U51900MH1997PTC110640
IEC No.:	0394072057
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ05398B
PAN No.: [Permanent Account No.]	AAACJ3768P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Spices and Agro Products.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Subject was incorporate in 1997. Subject processes and sells tropical spices (ginger, turmeric and red paper), seed species (cumin, black paper) and oilseeds (mustard, sunflower). General financial position of the company seem to be fair. Rating also takes into consideration, established track record of the company, vast experience of the promoters in the field of the spice industry and company’s product portfolio made up of varieties of spices. Trade relations are fair. Business is active. Payment term are reported to be usually correct. Subject can be considered for business dealings at usual 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	ICRA
Rating	Long term rating BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	November, 2014

Rating Agency Name	ICRA
Rating	Short term rating A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	November, 2014

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Shailesh Shah
Designation :	Director
Contact No.:	91-22-27784500

LOCATIONS

Registered Office :	Plot No. A-350, TTC Industrial Area, MIDC, Mahape, Navi Mumbai – 400 708, Maharashtra, India
Tel. No.:	91-22-27784500
Fax No.:	91-22-27782626/ 27781205
E-Mail :	dharmik.accounts@jabsintenational.com jabs@jabsinternational.com
Website :	http://www.jabsinternational.com
Area :	10000 sq. ft.
Location :	Owned
Locality :	Commercial
Branch Office :	Located at: · Mundra, Kutch, Gujarat, India · Unjha, Ahmedabad, Gujarat, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Bhaskar Bhanuvadan Shah

Designation :

Managing director

Address :

Flat No.1202, Raheja Residency, M.G. Complex, Sector 14, Vashi, Navi Mumbai – 400 703, Maharashtra, India

Date of Birth/Age :

18.07.1957

Qualification :

Graduate

Date of Appointment :

08.01.2000

DIN No.:

00684507

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	U17100MH1987PTC043701	JABS EXPORTS PRIVATE LIMITED	Director	10/02/1998	10/02/1998	-	Active	NO
2	U51900MH1997PTC110640	JABS INTERNATIONAL PRIVATE LIMITED	Managing director	08/01/2000	08/01/2000	-	Active	NO
3	U51220MH2003NPL140189	INDIAN SPICE AND FOODSTUFF EXPOTERS ASSOCIATION	Director	28/04/2003	28/04/2003	-	Active	NO

Name :

Mr. Shailesh Manordas Shah

Designation :

Director

Address :

Flat No. B-101, First Floor, Neel Siddhi Towers, Plot No. 195, Sector 12, Vashi, Navi Mumbai – 400 703, Maharashtra, India

Date of Birth/Age :

09.04.1964

Date of Appointment :

09.12.1997

DIN No.:

00684501

Name :

Mr. Jai Bhaskar Shah

Designation :

Additional Director

Address :

Flat No.1202, Raheja Residency, M.G. Complex, Sector 14, Vashi, Navi Mumbai – 400 703, Maharashtra India

Date of Birth/Age :

28.11.1984

Date of Appointment :

30.03.2013

DIN No.:

00684518

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	U74999MH2003PTC138524	BJAS EXPORTS PRIVATE LIMITED	Director	01/05/2006	01/05/2006	-	Strike off	NO
2	U51900MH1997PTC110640	JABS INTERNATIONAL PRIVATE LIMITED	Director	30/09/2014	30/03/2013	-	Active	NO

Name :

Salomi Bhaskar Shah

Designation :

Director

Address :

Raheja Residency Flat No1202, Sec-14, Mg Complex Opp Gavdevi Mandir, Vashi, Navi Mumbai, 400703, Maharashtra, India

Date of Birth/Age :

31.07.1988

Date of Appointment :

30.09.2014

DIN No.:

06511688

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Shah Bhaskar Sunita	1779250
Shah Manohar Shailesh	150
Parikh M Govindlal	150
Parikh Govindlal Indumatl	150
Shah B Bhanuvadhan	150
Shah B Padmaben	150
Shah Bhanuvadnan Bhaskar	205000
Jai Bhaskar Shah	5000
Salomi Bhaskar Shah	5000
Chaitali Jai Shah	5000
Total	2000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Spices and Agro Products.

Products :

Item Code No.	Product Description
09093029	Cumin Seeds
12074090	Hulled Sesame Seeds
09042010	Chilli
09070090	Cloves
12022010	Ground Nut

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Spices and Agro Products

Countries :

America

Imports :

Not Divulged

Terms :

Selling :

Cheque, Cash and Credit (60/90 Days)

Purchasing :

Cheque, Cash and Credit (60/90 Days)

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

70 (Approximately)

Bankers :

Bank Name	State Bank of Bikaner and Jaipur
Branch	232-234, Samuel Street, Vadgadi, Mandvi, Mumbai – 400 003, 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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand	652.845	677.576
Total	652.845	677.576

Auditors :
Name :	Kishor Pabari and Associates Chartered Accountants
Address :	J-4, Mangal Kunj, Opposite Indraprashtha Shopping Centre, S V Road, Borivali (West), Mumbai – 400 092, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADPP8300R
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Jabs Exports Private Limited CIN No.: U17100MH1987PTC043701

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	20.000	17.815
(b) Reserves & Surplus	533.436	416.118	319.454
(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)	553.436	436.118	337.269
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.698	1.981	1.900
(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)	1.698	1.981	1.900
(4) Current Liabilities
(a) Short term borrowings	839.314	842.648	718.666
(b) Trade payables	121.361	281.981	327.905
(c) Other current liabilities	155.575	121.574	110.497
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	1116.250	1246.203	1157.068
TOTAL	1671.384	1684.302	1496.237
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	120.407	113.251	107.466
(ii) Intangible Assets	0.717	0.926	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	41.701	40.240	18.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	172.203	139.915	110.500
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	335.028	294.332	236.466
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	289.576	220.491	186.677
(c) Trade receivables	796.732	898.819	927.827
(d) Cash and cash equivalents	232.878	253.450	131.392
(e) Short-term loans and advances	17.170	17.210	13.875
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1336.356	1389.970	1259.771
TOTAL	1671.384	1684.302	1496.237

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	6233.632	5717.601	6156.319
		Other Income	NA	72.901	13.239
		TOTAL (A)	NA	5790.502	6169.558
Less	EXPENSES
		TOTAL (B)	NA	5571.988	5977.288
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		252.487	218.514	192.270
Less	FINANCIAL EXPENSES (D)		60.241	52.522	55.597
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		192.246	165.992	136.673
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.088	13.928	11.294
	PROFIT BEFORE TAX (E-F) (G)		177.158	152.064	125.379
Less	TAX (H)		59.840	49.080	42.739
	PROFIT AFTER TAX (G-H) (I)		117.318	102.984	82.640
	Earnings Per Share (Rs.)		58.66	51.49	46.39

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.88	1.80	1.34
Operating Profit Margin (PBIDT/Sales)	(%)	NA	3.82	3.12
Return on Total Assets (PBT/Total Assets}	(%)	10.87	9.25	8.48
Return on Investment (ROI) (PBT/Networth)		0.32	0.35	0.37
Debt Equity Ratio (Total Debt /Networth)		1.52	1.93	2.13
Current Ratio (Current Asset/Current Liability)		1.20	1.12	1.09

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	17.815	20.000	20.000
Reserves & Surplus	319.454	416.118	533.436
Net worth	337.269	436.118	553.436
long-term borrowings	0.000	0.000	0.000
Short term borrowings	718.666	842.648	839.314
Total borrowings	718.666	842.648	839.314
Debt/Equity ratio	2.131	1.932	1.517

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6156.319	5717.601	6233.632
		(7.126)	9.025

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6156.319	5717.601	6233.632
Profit	82.640	102.984	117.318
	1.34%	1.80%	1.88%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand	186.469	165.072
Total	186.469	165.072

OPERATIONS:

The total turnover (Export and Domestic) amounted to Rs. 6233.632 Million as against Rs. 5652.149 Million in the previous year out of which the exports amounted to Rs.5563.492 Million as against Rs. 5104.944 Million in the previous year. The Net profit for the year amounted to Rs.117.317 Million as against in the previous year of Rs. 102.515 Million.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90157904	06/09/2012 *	830,800,000.00	STATE BANK OF BIKANER & JAIPUR	232-234, SAMUEL STREET, VADGADI, MANDVI, MUMBAI,  Maharashtra - 400003, INDIA	B58795220

FIXED ASSETS

· Land

· Buildings

· Office Building

· Factory Building

· Plant and equipment

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipment

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.64.03
UK Pound	1	Rs.99.27
Euro	1	Rs.71.90

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	SAN
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.